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.

How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Indian industry projections for the next ten years from a panel of 5 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable industry forecast available for Indian industry.

Download one of our sample reports to visualize what a Consensus Forecast is and see our Indian industry projections.

Want to get access to the full dataset of Indian industry forecasts? Send an email to info@focus-economics.com.