Informist Poll
India IIP growth seen easing to 5.7% in Jan from 7.8% Dec
This story was originally published at 14:59 IST on 27 February 2026
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By Shubham Rana
NEW DELHI - Growth in India's industrial output, as measured by the Index of Industrial Production, likely slowed down to 5.7% in January from a 26-month high of 7.8% in December, according to an Informist poll of 10 economists. Industrial output had risen 5.2% in January 2025.
The estimates by economists for IIP growth in January range from 4.7% to 7.0%. The statistics ministry will release the IIP data for January at 1600 IST Monday.
IIP growth is seen moderating in January, dragged down by "slower electricity production, sluggish mining production, and some slowdown in manufacturing led by moderation in motor vehicle production," Nirmal Bang Equities Pvt. Ltd. said in a note.
According to Sakshi Gupta, principal economist at HDFC Bank, a high base effect and a slowdown in manufacturing sector is likely to weigh on industrial production growth in January. "In January, e-way bills, diesel consumption, export growth moderated suggesting a moderation in manufacturing output," Gupta said.
Slower production activity was visible in high-frequency data. Vehicle production grew 15% on year in January, slower than the 37% rise in December, data from the Society of Indian Automobile Manufacturers showed. The number of e-way bills generated rose 16% on year in January, slower than 24% the previous month, according to data from the Goods and Services Tax Network.
Growth in the output of India's eight core industries, which account for over 40% of the total weight of IIP, moderated to 4.0% in January from 4.7% in December. The Purchasing Managers' Index, however, rose to 55.4 in January from a two-year low of 55.0 in December.
Following is the summary of the poll on IIP growth in January:
| ORGANISATION | IIP GROWTH ESTIMATE |
| STCI Primary Dealer | 4.7% |
| Nirmal Bang Equities Pvt. Ltd. | 5.0% |
| ANZ Banking Group | 5.0% |
| Nomura | 5.4% |
| ICRA | 5.5% |
| QuantEco Research | 5.8% |
| Sunidhi Securities | 5.9% |
| HDFC Bank | 6.3% |
| CareEdge Ratings | 6.8% |
| Union Bank of India | 7.0% |
End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Ashish Shirke
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