Data Alert
March IIP growth rises to 3.0% on improved show by electricity, mfg
This story was originally published at 16:50 IST on 28 April 2025
Register to read our real-time news.Informist, Monday, Apr. 28, 2025
Please click here to read all liners published on this story
--India Mar IIP growth 3.0% vs 5.5% year ago
--Informist poll estimated Mar IIP growth at 3.3%
--India Feb IIP growth revised to 2.7% vs 2.9% provisional
--India FY25 IIP growth 4.0% vs 5.9% in FY24
--India Mar mining sector growth 0.4% vs 1.3% year ago
--India Mar manufacturing sector growth 3.0% vs 5.9% year ago
--India Mar electricity sector growth 6.3% vs 8.6% year ago
--India Mar primary goods output growth 3.1% vs 3.0% year ago
--India Mar capital goods output growth 2.4% vs 7.0% year ago
--India Mar intermediate goods output growth 2.3% vs 6.1% year ago
--India Mar infrastructure goods output growth 8.8% vs 7.4% year ago
--India Mar consumer durables output growth 6.6% vs 9.5% year ago
--India Mar consumer non-durables output growth -4.7% vs 5.2% year ago
--Govt: IIP data for April to be released on May 28
NEW DELHI - India's industrial output grew at a quicker pace in March compared to the previous month on the back of higher number of working days in the month and better performance of electricity and manufacturing sectors.
Data released by the statistics ministry on Monday showed that industrial output, as measured by the Index of Industrial Production, grew 3.0% in March. Industrial output had risen by 5.5% in March last year, while the February growth print was revised lower to 2.7% from 2.9% originally.
At 3.0%, the March IIP growth print is below expectations. Economists polled by Informist had estimated industrial growth rising to 3.3% in March. For 2024-25 (Apr-Mar), India's industrial output grew 4.0% compared to the 5.9% growth seen in FY24.
Sequentially, the industrial output rose 9.1% from February, the biggest on-month increase in three years.
Electricity and manufacturing sectors led the on-year rise in industrial output growth in March. The electricity sector output grew at a three-month high pace of 6.3% on year in March compared to 3.6% in February.
The output of manufacturing sector, which has the biggest weightage in the index, grew 3.0% in March, faster than the six-month low of 2.8% in February. Mining sector output, on the other hand, rose at a six-month low pace of 0.4% in March. Mining sector output had risen 1.6% on year in February.
Within the use-based classification, the year-on-year rise in output growth was quicker for four of the six categories in March compared to February.
Infrastructure goods output rose at a 17-month high pace of 8.8% in March, while consumer durables output increased 6.6% on year last month. In February, infrastructure goods output had grown 6.8% on year and consumer durables output had risen 3.7%.
Consumer non-durables output contracted 4.7% on year in March compared to 2.1?ll in the previous month. Growth in capital goods output fell to a seven-month low of 2.4% in March from 8.2% in February.
"In sequential terms, the improvement in YoY (year-on-year) growth of electricity and mild uptick in that of manufacturing was offset to a large extent by the dip in the growth of mining," Aditi Nayar, chief economist at ICRA, said in a note. "Looking ahead, while there is some evidence as well as commentary around frontloading in exports to the US, we need to see whether this is driven by redirection away from other geographies or a bump up in output in the ongoing month."
IIP data for April will be released on May 28, after the statistics ministry brought forward the publication of the data to reduce the time lag to four weeks from six.
The following tables detail year-on-year changes in industrial output in March:
| March 2025 | February 2025 | March 2024 | |
| General | 3.0% | 2.7% | 5.5% |
| Mining | 0.4% | 1.6% | 1.3% |
| Manufacturing | 3.0% | 2.8% | 5.9% |
| Electricity | 6.3% | 3.6% | 8.6% |
| Primary goods | 3.1% | 2.8% | 3.0% |
| Capital goods | 2.4% | 8.2% | 7.0% |
| Intermediate goods | 2.3% | 1.0% | 6.1% |
| Infrastructure/construction goods | 8.8% | 6.8% | 7.4% |
| Consumer durables | 6.6% | 3.7% | 9.5% |
| Consumer non-durables | (-)4.7% | (-)2.1% | 5.2% |
| Mining | Electricity | Manufacturing | General | |||||
| FY25 | FY24 | FY25 | FY24 | FY25 | FY24 | FY25 | FY24 | |
| April | 6.8% | 5.1% | 10.2% | (-)1.1% | 4.2% | 5.5% | 5.2% | 4.6% |
| May | 6.6% | 6.4% | 13.7% | 0.9% | 5.1% | 6.3% | 6.3% | 5.7% |
| June | 10.3% | 7.6% | 8.6% | 4.2% | 3.5% | 3.5% | 4.9% | 4.0% |
| July | 3.8% | 10.7% | 7.9% | 8.0% | 4.7% | 5.3% | 5.0% | 6.2% |
| August | (-)4.3% | 12.3% | (-)3.7% | 15.3% | 1.2% | 10.0% | 0.0% | 10.9% |
| September | 0.2% | 11.5% | 0.5% | 9.9% | 4.0% | 5.1% | 3.2% | 6.4% |
| October | 0.9% | 13.1% | 2.0% | 20.4% | 4.4% | 10.6% | 3.7% | 11.9% |
| November | 1.9% | 7.0% | 4.4% | 5.8% | 5.5% | 1.3% | 5.0% | 2.5% |
| December | 2.7% | 5.2% | 6.2% | 1.2% | 3.7% | 4.6% | 3.7% | 4.4% |
| January | 4.4% | 6.0% | 2.4% | 5.6% | 5.8% | 3.6% | 5.2% | 4.2% |
| February | 1.6% | 8.1% | 3.6% | 7.6% | 2.8% | 4.9% | 2.7% | 5.6% |
| March | 0.4% | 1.3% | 6.3% | 8.6% | 3.0% | 5.9% | 3.0% | 5.5% |
| Mining | Manufacturing | Electricity | General | |
| FY25 | 2.9% | 3.9% | 5.1% | 4.0% |
| FY24 | 7.5% | 5.5% | 7.1% | 5.9% |
| FY23 | 5.8% | 4.7% | 8.9% | 5.2% |
| FY22 | 12.2% | 11.8% | 7.9% | 11.4% |
| FY21 | (-)7.8% | (-)9.6% | (-)0.5% | (-)8.4% |
| FY20 | 1.6% | (-)1.4% | 1.0% | (-)0.8% |
| FY19 | 2.9% | 3.9% | 5.2% | 3.8% |
| FY18 | 2.3% | 4.6% | 5.4% | 4.4% |
| FY17 | 5.3% | 4.4% | 5.8% | 4.6% |
| FY16 | 4.3% | 2.8% | 5.7% | 3.3% |
| FY15 | (-)1.4% | 3.8% | 14.8% | 4.0% |
| FY14 | (-)0.1% | 3.6% | 6.1% | 3.3% |
| FY13 | (-)5.3% | 4.8% | 4.0% | 3.3% |
End
Reported by Shubham Rana
Edited by Vandana Hingorani
For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.
Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.
Informist Media Tel +91 (11) 4220-1000
Send comments to feedback@informistmedia.com
© Informist Media Pvt. Ltd. 2025. All rights reserved.
To read more please subscribe
Share this Story:
