Industrial Output Growth in India (November 2025)
India's industrial output showed a significant increase of 6.7% year-on-year in November 2025, marking the highest growth rate in 25 months. This growth was supported by a favorable base effect and restocking after festive sales, which boosted manufacturing production by 8%, the most in 25 months.
Sectoral Performance
- Manufacturing: Production rose notably due to increased manufacture of basic metals, fabricated metal products, pharmaceuticals, and motor vehicles.
- Mining: The mining sector rebounded with a growth of 5.4%, aided by the end of the monsoon season and strong growth in metallic minerals like iron ore.
- Electricity: Output decreased by 1.5% in November compared to last year, following a 6.9% year-on-year decrease in October, partly due to cooler temperatures from good rains.
Year-to-Date Performance (April-November 2025)
- Overall industrial production rose by 3.3%, compared to a 4.1% increase in the first eight months of 2024-25.
- Manufacturing output, constituting over three-fourths of the IIP, increased by 4.4%.
- Mining output was 0.9% lower, and electricity generation decreased by 0.2%.
Core Industries and Economic Projections
India's eight core industries, which account for approximately 40% of the IIP, posted an increase of 1.8% in November after a 0.1% decline in October.
Economists predict a slowdown in the second half of 2025-26. The Reserve Bank of India (RBI) adjusted its growth projection for 2025-26 from 6.8% to 7.3%, expecting a cooling to 7% in October-December and 6.5% in January-March 2026.
Goods Categories Performance
November's IIP data showed growth in all six goods categories:
- Consumer Non-Durables: Production rose 7.3%, reversing a 5.2% fall in October.
- Capital Goods: Output increased by 10.4%.
- Infrastructure Goods: Experienced a rise of 12.1%.
- Consumer Durables: Saw a 10.3% increase.
- Intermediate Goods: Increased by 7.3%.
- Primary Goods: Output rose by 2%.
This is only the second instance in 2025 where all categories showed higher production compared to the same month the previous year.
