Informist Poll
India July IIP growth seen easing to 6.1% from 2-year high
This story was originally published at 16:16 IST on 26 August 2026
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By Shweta
NEW DELHI – Growth in India's industrial output, as measured by the Index of Industrial Production, is likely to have slowed in July due to an unfavourable base effect and slower growth in manufacturing output. Industrial growth is expected to have eased to 6.1% in July from a 23-month high of 7.3% in June, according to the median estimate in an Informist Poll of nine economists.
Industrial output rose 5.4% in July last year under the new series, which uses 2022-23 (Apr-Mar) as the base year. Estimates in the poll range from 5.4% to 7.1%. The Ministry of Statistics and Programme Implementation will release July IIP data on Friday at 1600 IST.
Growth is also likely to be weighed down by slower growth in high-frequency data. HDFC Bank noted that a high base effect could distort growth in both the manufacturing and electricity sectors.
At 6.1% growth, the overall index is projected to rise 0.8% sequentially in July. Last year, the index rose 2.0% sequentially in July, compared with contraction in the previous two years.
High-frequency indicators reflected slower factory output growth in July than in June. Motor vehicle production rose 24.8% year-on-year in July, slower than the 27.4% increase in June, data from the Society of Indian Automobile Manufacturers showed. The number of e-way bills generated rose 6% year-on-year in July, compared with the 14.5% growth in June, according to data from the Goods and Services Tax Network.
The HSBC India Manufacturing Purchasing Managers' Index moderated to a near five-year low of 53.5 in July, from 54.2 in June. Growth in output of India's nine core industries, which account for nearly 33% of the weight of the Index of Industrial Production, slowed to 5.4% in July from 6.0% in June.
The following is the summary of the poll on IIP growth in July:
| Organisation | IIP GROWTH ESTIMATE |
| Sunidhi Securities | 7.1% |
| ANZ Banking Group | 6.7% |
| ICICI Bank | 6.5% |
| ICRA | 6.0-6.5% |
| Pantheon Macroeconomics | 6.1% |
| Standard Chartered | 6.0% |
| HDFC Bank | 6.0% |
| Nirmal Bang Equities | 5.6% |
| India Ratings and Research | 5.4% |
End
Edited by Saji George Titus
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