Data Alert
India's IIP growth rises to 6.7% in Nov, highest in 2 years
This story was originally published at 17:17 IST on 29 December 2025
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--India Nov IIP growth 6.7% vs 5.0% year ago
--Informist poll estimated Nov IIP growth at 3.2%
--India Oct IIP growth revised to 0.5% vs 0.4% provisional
--India Apr-Nov IIP growth 3.3% vs 4.1% year ago
--India Nov mining sector output growth 5.4% vs 1.9% year ago
--India Nov manufacturing sector output growth 8.0% vs 5.5% year ago
--India Nov electricity sector output growth (-)1.5% vs 4.4% year ago
--India Nov primary goods output growth 2.0% vs 2.7% year ago
--India Nov capital goods output growth 10.4% vs 8.9% year ago
--India Nov intermediate goods output growth 7.3% vs 4.8% year ago
--India Nov infrastructure goods output growth 12.1% vs 8.0% year ago
--India Nov consumer durables output growth 10.3% vs 14.1% year ago
--India Nov consumer non-durables output growth 7.3% vs 0.6% year ago
--India Nov IIP growth of 6.7% highest in 2 years
NEW DELHI - India's industrial output, as measured by the Index of Industrial Production, grew at a two-year-high pace of 6.7% in November, data released Monday by the statistics ministry showed. The rise in headline industrial output was led by a two-year high growth in the manufacturing sector, and double-digit rise in capital goods, construction goods, and consumer durables sectors.
At 6.7%, November IIP growth was well above expectations. Economists polled by Informist had estimated growth in industrial output at 3.2% in November. In fact, the highest growth estimate in the poll was 4%. Industrial output had risen 5.0% in November 2024 and the October print was revised higher to 0.5% from 0.4% originally.
Sequentially, the general index rose 4.6% in November, the biggest month-on-month rise in the IIP in eight months. Factory output has grown 3.3% in the first eight months of 2025-26 (Apr-Mar), lower than 4.1% growth seen in the same period last year.
Manufacturing sector output, which has the highest weightage in the IIP, grew 8.0% in November. This was much higher than the 2.0% growth in October and the highest since October 2023. The growth in the manufacturing sector was led by basic metals, fabricated metal products, pharmaceuticals, and motor vehicles.
Mining sector output rose 5.4% on year in November, against a fall of 1.8% in the previous month. "Growth in the mining sector at 5.4% has also rebounded due to closure of monsoon season and strong growth in metallic minerals such as iron ore," the ministry said in a release. Electricity production fell for the second consecutive month in November. Output fell 1.5% on year in November against a fall of 6.9% in October.
Within the use-based classification, all six categories performed better in November compared with October. Output of capital goods rose at a six-month-high pace of 10.4% in November compared with 2.1% in the previous month. Construction goods production grew 12.1% on year in November, the highest in four months.
Consumer durables output rose 10.3% last month, the highest in one year. Consumer non-durables output rose year-on-year for the first time in four months in November. At 7.3%, the rise in consumer non-durables production was the highest in 25 months. Primary goods output grew at the slowest pace among the use-based categories at 2.0% in November against a contraction of 0.6% in the previous month.
"...this upswing largely reflects the shift in the festive calendar, restocking after the festive season sales, as well as some normalisation in activity across the mining and electricity segments following the excess unseasonal rains in the previous month," ICRA Chief Economist Aditi Nayar said. "The impact of the US tariffs and penalties is likely to reflect across some of the manufacturing segments, partly offsetting the positive impact of the GST (goods and services tax) rate rejig." ICRA expects IIP growth to ease to 3.5-5.0% in December as "the base effect normalises and the benefit from restocking wanes".
The following tables detail year-on-year changes in industrial output in November:
| November 2025 | October 2025 | November 2024 | |
| General | 6.7% | 0.5% | 5.0% |
| Mining | 5.4% | (-)1.8% | 1.9% |
| Manufacturing | 8.0% | 2.0% | 5.5% |
| Electricity | (-)1.5% | (-)6.9% | 4.4% |
| Primary goods | 2.0% | (-)0.6% | 2.7% |
| Capital goods | 10.4% | 2.1% | 8.9% |
| Intermediate goods | 7.3% | 2.5% | 4.8% |
| Infrastructure/construction goods | 12.1% | 7.1% | 8.0% |
| Consumer durables | 10.3% | (-)1.3% | 14.1% |
| Consumer non-durables | 7.3% | (-)5.2% | 0.6% |
| 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% | 2.0% | 4.4% | 0.5% | 3.7% |
| November | 5.4% | 1.9% | (-)1.5% | 4.4% | 8.0% | 5.5% | 6.7% | 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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