Data Alert
India IIP growth eases to 3-month low of 4.8% in Jan from 8% Dec
This story was originally published at 16:51 IST on 2 March 2026
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--India Jan IIP growth 4.8% vs 5.2% year ago
--Informist poll estimated Jan IIP growth at 5.7%
--India Dec IIP growth revised to 8.0% vs 7.8% provisional
--India Apr-Jan IIP growth 4.0% vs 4.2% year ago
--India Jan mining sector output growth 4.3% vs 4.4% year ago
--India Jan manufacturing sector output growth 4.8% vs 5.8% year ago
--India Jan electricity sector output growth 5.1% vs 2.4% year ago
--India Jan primary goods output growth 3.1% vs 5.5% year ago
--India Jan capital goods output growth 4.3% vs 10.2% year ago
--India Jan intermediate goods output growth 6.0% vs 5.3% year ago
--India Jan infrastructure goods output growth 13.7% vs 7.3% year ago
--India Jan consumer durables output growth 6.3% vs 7.1% year ago
--India Jan consumer non-durables output growth -2.7% vs 0.1% year ago
NEW DELHI – Growth in India's industrial output, as measured by the Index of Industrial Production, fell in January because of a broad-based slowdown in the pace of activity. Data released Monday by the statistics ministry showed IIP growth fell to a three-month low of 4.8% in January.
At 4.8%, the January IIP growth was lower than expected. Economists polled by Informist had estimated growth in industrial output at 5.7% in January. Industrial output had risen 5.2% in January 2025 and the December print was revised higher to 8.0%, the highest since October 2023, from the provisional estimate of 7.8%.
Sequentially, the general index fell 0.8% in January, the biggest month-on-month decline in three months. Factory output has grown 4.0% in the first 10 months of the financial year 2025-26 (Apr-Mar), slightly lower than the 4.2% growth seen in the same period in FY25.
Manufacturing sector output, which has the highest weightage in the IIP, grew 4.8% on year in January, sharply lower than 8.4% in December. Within manufacturing, basic metals grew the most at 13.2%, followed by motor vehicles, trailers, and semi-trailers at 10.9%.
Growth in mining sector output slowed to 4.3% in January from 6.9% in December. Electricity production rose 5.1% in January, slower than 6.3% in the previous month.
Within the use-based classification, five of the six categories performed worse in January than in December. Infrastructure goods was the only segment where output in Janaury rose quicker. Infrastructure goods output rose 13.7% in January, from 12.8% in December. Consumer non-durables output fell 2.7% on year in January, having grown at a 26-month high pace of 8.5% in December.
"The headline pace should rebound respectably in the February report, partly as the adverse base effect in today's release will reverse partially and temporarily. More improtantly, momentum at the margin remains robust," Miguel Chanco, chief emerging Asia economist at Pantheon Macroeconomics, said in a note. "Reassuringly, downside risks appear to be receding as well, judging by the nascent turnaround in the manufacturing PMI (Purchasing Managers' Index), which last month received a big boost from the US-India trade 'deal'."
The following tables detail year-on-year changes in industrial output in January:
| January 2026 | December 2025 | January 2025 |
|
| General | 4.8% | 8.0% | 5.2% |
| Mining | 4.3% | 6.9% | 4.4% |
| Manufacturing | 4.8% | 8.4% | 5.8% |
| Electricity | 5.1% | 6.3% | 2.4% |
| Primary goods | 3.1% | 4.4% | 5.5% |
| Capital goods | 4.3% | 8.3% | 10.2% |
| Intermediate goods | 6.0% | 7.8% | 5.3% |
| Infrastructure/construction goods | 13.7% | 12.8% | 7.3% |
| Consumer durables | 6.3% | 12.4% | 7.1% |
| Consumer non-durables | (-)2.7% | 8.5% | 0.1% |
| 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 | 5.8% | 1.9% | (-)1.5% | 4.4% | 8.5% | 5.5% | 7.2% | 5.0% |
| December | 6.9% | 2.7% | 6.3% | 6.2% | 8.4% | 3.7% | 8.0% | 3.7% |
| January | 4.3% | 4.4% | 5.1% | 2.4% | 4.8% | 5.8% | 4.8% | 5.2% |
| February | 1.6% | 3.6% | 2.8% | 2.7% | ||||
| March | 1.2% | 7.5% | 4.0% | 3.9% | ||||
Source: Ministry of Statistics and Programme Implementation
End
Reported by Shubham Rana
Edited by Rajeev Pai
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