India’s October IIP data grew 0.4% year-on-year, down from 4% in September. The IIP growth was 3.7% a year ago. According to the monthly government release, The overall index of Index of Industrial Production stood at 150.9 in October compared to 150.3 in the same month last year.
Manufacturing holds up, mining and electricity drag
Industrial performance remained uneven across sectors. Manufacturing grew 1.8% year-on-year, supported by stronger output in key industries. Mining contracted 1.8%, while electricity output fell 6.9%.
. The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of October 2025 stand at 126.2, 151.1 and 193.4 respectively.
The release by Ministry of Statistics & Programme Implementation noted that “lower demand in October 2025 and consequent decline in electricity generation was driven by extended rainfall season and comfortable ambient temperature across multiple States/UTs.”
IIP growth hits 14-month low, far below expectations: ICRA
Aditi Nayar, Chief Economist, ICRA said that the IIP growth moderated to a 14-month low of 0.4% well below ICRA’s expectations (+3.0%) but the surprise largely stemmed from manufacturing, wherein the growth in output eased to 1.8% from 5.6% in September 2025.
“The GST rate cut led upswing in manufacturing output in September 2025 was followed by a respite in October 2025 given the festive holidays. Besides, the adverse impact of the US tariffs and penalties is also likely to have impacted production across some manufacturing sub-segments. Given the base effects and the shifts in the festive calendar in 2025 vis-à-vis 2024, it would be more prudent to assess the average for October and November, once the data for the latter month becomes available,” ICRA noted.
Next IIP data on December 29
The Quick Estimate of the Index of Industrial Production (IIP) is released on the 28th of every month. In November, it was deferred to December 1 because it clashed with the release of the Q2 GDP data. The next IIP data for November will be released on Monday, 29 December 2025. The index is compiled using data received from source agencies, which, in turn, collect the data from producing factories and establishments.