Informist Poll
IIP growth seen rising to 3.2% in Nov from 14-mo low in Oct
This story was originally published at 18:43 IST on 26 December 2025
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By Shubham Rana
NEW DELHI - Growth in India's industrial production, as measured by the Index of Industrial Production, is expected to rise to 3.2% in November from a 14-month low of 0.4% in October, according to an Informist poll of 10 economists. Industrial output is expected to grow on the back of a robust rise in automobile production, economists said.
Industrial output had risen 5.0% in November last year. Poll estimates ranged from 0.7% to 4.0%. The statistics ministry will release IIP data for November at 1600 IST Monday.
"Despite sky-high US tariffs, strong domestic activity and a surge in exports through the month indicate that industrial activity has recovered," Moody's Analytics said in a report. According to economists at Nirmal Bang Equities, IIP growth in November is expected to be led by the manufacturing sector, particularly by automobile production.
Vehicle production jumped 22% on year in November, after declining 2.8% in October, data from the Society of Indian Automobile Manufacturers showed. The Purchasing Managers' Index, however, showed moderation in manufacturing activity, falling to a nine-month low of 56.6 in November from 59.2 in October.
Other high-frequency indicators signalled that industrial growth picked up in November. The output of India's eight core industries, which account for over 40% of the total weight of IIP, grew 1.8% on year in November compared with a contraction of 0.1% in the previous month. The number of e-way bills generated in November grew at an over two-year high pace of 27.6% on year to 129.90 million in November, according to data from the Goods and Services Tax Network.
Following is the summary of the poll on IIP growth in November:
| ORGANISATION | IIP GROWTH ESTIMATE |
| CareEdge Ratings | 0.7% |
| HDFC Bank | 2.0% |
| Nirmal Bang Equities Pvt. Ltd. | 2.1% |
| Sunidhi Securities | 2.6% |
| ICICI Bank | 2.9% |
| Moody's Analytics | 3.4% |
| STCI Primary Dealer | 3.5% |
| ICICI Securities Primary Dealership | 3.6% |
| ICRA | 4.0% |
| Union Bank of India | 4.0% |
End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Saji George Titus
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