Data Alert
India IIP growth falls to 14-month low of 0.4% in Oct
This story was originally published at 16:54 IST on 1 December 2025
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--India Oct IIP growth 0.4% vs 3.7% year ago
--Informist poll estimated Oct IIP growth at 2.9%
--India Sept IIP growth revised to 4.6% vs 4.0% provisional
--India Apr-Oct IIP growth 2.7% vs 4.0% year ago
--India Oct mining sector output growth -1.8% vs 0.9% year ago
--India Oct manufacturing sector output growth 1.8% vs 4.4% year ago
--India Oct electricity sector output growth -6.9% vs 2.0% year ago
--India Oct primary goods output growth -0.6% vs 2.5% year ago
--India Oct capital goods output growth 2.4% vs 2.9% year ago
--India Oct intermediate goods output growth 0.9% vs 4.8% year ago
--India Oct infrastructure goods output growth 7.1% vs 4.7% year ago
--India Oct consumer durables output growth -0.5% vs 5.5% year ago
--India Oct consumer non-durables output growth -4.4% vs 2.8% year ago
--India Oct IIP growth of 0.4% lowest in 14 months
NEW DELHI – India's industrial output, as measured by the Index of Industrial Production, grew at a 14-month low pace of 0.4% in October, data released Monday by the statistics ministry showed. A contraction in the output of mining and electricity sectors weighed on the headline print.
At 0.4%, October IIP growth was below expectations. Economists polled by Informist had estimated growth in industrial output at 2.9% in October. Industrial output had risen 3.7% in October 2024 and the September print was revised higher to 4.6% from 4.0% originally.
Sequentially, the general index fell 1.8% in October. Factory output rose 2.7% in the first seven months of 2025-26 (Apr-Mar), lower than 4.0% growth seen in the same period last year.
Manufacturing sector output, which has the highest weightage in the IIP, grew 1.8% in October, the slowest in 14 months. Electricity production fell 6.9% on year in October against a 3.1% rise in September. Mining sector output fell 1.8% year-on-year in October against a contraction of 0.4% in September.
Delayed withdrawal of rains affected both mining and power sectors, Bank of Baroda Chief Economist Madan Sabnavis said in a note. Fewer working days in October and draw down of inventories also affected the headline number in October, he said.
Within the use-based classification, all six categories performed worse in October compared with September. Output of primary goods, consumer durables, and consumer non-durables fell on year in October. Infrastructure goods production rose 7.1% on year in October against a growth of 10.6% in the previous month.
"The GST (goods and services) rate cut-led upswing in manufacturing output in September 2025 was followed by a respite in October 2025 given the festive holidays," Aditi Nayar, chief economist at rating agency ICRA, said in a note. "Besides, the adverse impact of the US tariffs and penalties is also likely to have impacted production across some manufacturing sub-segments," Nayar noted.
The following tables detail year-on-year changes in industrial output in October:
| October 2025 | September 2025 | October 2024 | |
| General | 0.4% | 4.6% | 3.7% |
| Mining | (-)1.8% | (-)0.4% | 0.9% |
| Manufacturing | 1.8% | 5.6% | 4.4% |
| Electricity | (-)6.9% | 3.1% | 2.0% |
| Primary goods | (-)0.6% | 1.3% | 2.5% |
| Capital goods | 2.4% | 5.4% | 2.9% |
| Intermediate goods | 0.9% | 6.3% | 4.8% |
| Infrastructure/construction goods | 7.1% | 10.6% | 4.7% |
| Consumer durables | (-)0.5% | 10.0% | 5.5% |
| Consumer non-durables | (-)4.4% | (-)0.3% | 2.8% |
| Mining | Electricity | Manufacturing | General | |||||
| FY26 | FY25 | FY26 | FY25 | FY26 | FY25 | FY26 | FY25 | |
| April | (-)0.2% | 6.8% | 1.7% | 10.2% | 3.1% | 4.2% | 2.6% | 5.2% |
| May | (-)0.1% | 6.6% | (-)4.7% | 13.7% | 3.2% | 5.1% | 1.9% | 6.3% |
| June | (-)8.7% | 10.3% | (-)1.2% | 8.6% | 3.7% | 3.5% | 1.5% | 4.9% |
| July | (-)7.2% | 3.8% | 3.7% | 7.9% | 6.0% | 4.7% | 4.3% | 5.0% |
| August | 6.6% | (-)4.3% | 4.1% | (-)3.7% | 3.8% | 1.2% | 4.1% | 0.0% |
| September | (-)0.4% | 0.2% | 3.1% | 0.5% | 5.6% | 4.0% | 4.6% | 3.2% |
| October | (-)1.8% | 0.9% | (-)6.9% | 2.0% | 1.8% | 4.4% | 0.4% | 3.7% |
| November | 1.9% | 4.4% | 5.5% | 5.0% | ||||
| December | 2.7% | 6.2% | 3.7% | 3.7% | ||||
| January | 4.4% | 2.4% | 5.8% | 5.2% | ||||
| February | 1.6% | 3.6% | 2.8% | 2.7% | ||||
| March | 1.2% | 7.5% | 4.0% | 3.9% | ||||
| Mining | Manufacturing | Electricity | General | |
| FY25 | 3.0% | 4.1% | 5.2% | 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% |
Source: Ministry of Statistics and Programme Implementation
End
Reported by Shubham Rana
Edited by Vandana Hingorani
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