Informist Poll
Jul IIP growth seen at 3-mo high of 2.0% on better mfg show
This story was originally published at 18:46 IST on 26 August 2025
Register to read our real-time news.Informist, Tuesday, Aug. 26, 2025
By Shubham Rana
NEW DELHI – India's industrial output growth picked up pace in July because of the improved performance of the manufacturing sector, with the Index of Industrial Production seen at a three-month high of 2.0% in July, according to an Informist poll of 11 economists.
Industrial output growth had slowed to 1.5% in June, a 10-month low, because of a fall in mining and electricity output. Industrial production grew 5.0% in July 2024. The statistics ministry will release the IIP data for July at 1600 IST Thursday.
The manufacturing sector is expected to lead the rise in industrial output, as reflected in high frequency indicators. The manufacturing Purchasing Managers' Index rose to a 16-month high of 59.1 in July and vehicle production grew 10.7% on year compared with a 1.2% rise in June.
The number of e-way bills generated rose 25.8% on year to a record high of 131.91 million in July. At 25.8%, the on-year growth in the generation of e-way bills in July was the highest since October 2023.
While most high-frequency indicators showed an uptick in industrial activity in July, core sector growth slowed down. The growth in output of India's eight core industries fell to 2.0% in July from 2.2% in the previous months because of contraction in the production of coal, crude oil, natural gas, and refinery products, data released Aug. 20 by the commerce ministry showed.
According to analysts at Nirmal Bang Institutional Equities, mining sector output is seen falling 5.0% on year in July compared with an 8.7?ll in June. Electricity production is seen rising 0.5% on year in July against a 2.6?ll in June.
Following is the summary of the poll on IIP growth in July:
| ORGANISATION | IIP GROWTH ESTIMATE |
| Kotak Mahindra Bank | 1.0% |
| India Ratings and Research | 2.0% |
| ICICI Securities Primary Dealership | 2.5% |
| HDFC Bank | 2.3% |
| CareEdge Ratings | 2.0% |
| ANZ Bank | 2.0% |
| ICRA | 2.0% |
| Nirmal Bang Institutional Equities | 2.0% |
| Moody's Analytics | 1.7% |
| STCI Primary Dealer | 2.7% |
| Sunidhi Securities | 3.1% |
End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Rajeev Pai
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