India: Industrial production accelerates in November
Latest reading: Industrial production was up 6.7% on a year-on-year basis in November, following a 0.5% rise in the previous month. November’s reading was the strongest since October 2023.
Relative to the prior month’s data, readings in November improved for manufacturing (+8.0% in annual terms vs +2.0% in October), mining (+5.4% vs -1.8% in October) and electricity (-1.5% vs -6.9% in October).
Outlook: Over FY 2025 as a whole (April 2025–March 2026), our panelists expect growth in industrial output to broadly match FY 2024’s robust rate. Divestment from China by Western multinationals—such as U.S. phone manufacturer Apple—will aid capital outlays in India’s manufacturing sector. A further boost will come from subsidies under the flagship Production Linked Incentive scheme, which aims to help Indian manufacturers produce advanced industrial goods such as semiconductors and pharmaceuticals, increasing the value added of their output.