India Industrial Production Expands in

Industrial output in India expanded by 4.9% from the previous year in April of 2026, firmly above the market expectations of 3.9%. It reflected robustness in the Indian goods producing sectors despite ongoing pressure from surging energy prices and lack of stability in the rupee, which have dented the purchasing power domestically. It was the first reading using weights from the rebalanced industrial production index measured by the MOSPI, compared to the 4.1% annual growth in the previous month. Manufacturing production expanded by a sharper 6.2% in the period.

Industrial production in India rose by 4.1% from the previous year in March of 2026, slowing from the revised 5.1% expansion in February to reflect the slowest increase in five months, albeit beating expectations of a 3.7% expansion. Despite remaining robust, the pullback reflected some impact from the outbreak of war in the Middle East in the Indian goods production, hampered by the surge in energy prices and inflationary risks amid the pressure for the rupee. Manufacturing production, which is responsible for over 77% of all of industrial output, rose 4.3% from the 5.9% increase. Mining output jumped by 5.5%, picking up from the 3.1% the prior month, while higher feedstock costs drove electricity output growth to slow to 0.8% from 2.3%.

India’s industrial production growth accelerated to 5.2% year-over-year in February 2026, up from a revised 5.1% in January and surpassing market expectations of 4.2%. The expansion was driven by a strong 6% rise in manufacturing output, following a 4.8% increase the previous month.