India’s December Infrastructure Output Records Slowest Growth in 14 Months
Published on: February 4, 2024.
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India’s Infrastructure Output Growth Slows in December
India’s infrastructure output, which accounts for 40% of its industrial production, experienced its slowest growth in over a year in December. The weakness was attributed to a decline in crude oil production and electricity generation, according to data released on Wednesday.
Infrastructure output increased by 3.8% year-on-year, marking the lowest rate of growth since October 2022 when it recorded only 0.7% growth. Economists at ICRA project a bleak 1-3% expansion for the Index of Industrial Production (IIP) for December 2023 due to the tepid growth in the core sector.
The infrastructure output measures activity in eight sectors, including coal and electricity. In December, electricity generation grew by 0.6%, cement output increased by 1.3%, and petroleum refined products saw a growth of 2.6%. However, crude oil production declined by 1%.
Among the segments, coal and natural gas performed the best, with production increasing by 10.6% and 6.6% respectively, according to government figures.
The data also revealed that in the first nine months of the financial year starting on April 1, infrastructure output rose by 8.1% year-on-year.
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