India’s industrial production surged to a two-year high of 6.7% in November 2025 as compared to 5% in the corresponding period last year. This growth was driven by strong performance in manufacturing and mining activities. The IIP growth had previously hit a high of 11.9% in November 2023.
The manufacturing sector’s output grew by 8%, while power production contracted by 1.5% in November. With this accelerated growth in factory production, let us see what industry voices have to say.
#Manufacturing & mining gains boost industrial momentum: PHDCCI
Commenting on the record high growth, Mr. Rajeev Juneja, President, PHD Chamber of Commerce and Industry (PHDCCI), said the strong numbers were registered due to notable movement in the manufacturing and mining sectors.
“Healthy gains in manufacturing and mining suggest that underlying industrial momentum is strengthening, potentially supporting broader economic performance in the near to medium term,” Dr. Ranjeet Mehta, Secretary General and CEO, PHDCCI, said in a note.
#IIP growth likely to ease to 3.5–5% in December: ICRA
ICRA’s Chief Economist Aditi Nayar noted that the November growth reflects festive-season restocking and normalisation in mining and electricity activity. While infra/construction and capital goods continued to show robust investment activity, consumer non-durables remained weak compared with durables. External factors, including US tariffs and GST adjustments, may moderate growth in some manufacturing segments, though rising electricity demand in December is expected to support near-term industrial activity. “We expect the IIP growth to ease to 3.5–5.0% in December 2025, as the base effect normalises and the benefit from restocking wanes,” she added.
#Industrial demand boosts GDP and sector outlooks: Brickwork Ratings
Rajeev Sharan of Brickwork Ratings said that India’s industrial sector showed strong resilience in November 2025, with broad-based demand across capital goods and consumer durables. He added that this strength supports Q3 FY2026 GDP growth of 7.3%. “From a credit rating perspective, the improvement strengthens confidence in industrial borrowers’ cash flows and supports stable outlooks for manufacturing and infrastructure‑linked sectors,” he added.
#Manufacturing, capital goods point to investment recovery: MP Financial
Mahendra Patil of MP Financial Advisory Services said that the November rebound reflects a broad-based recovery, led by manufacturing in basic metals, pharmaceuticals, and automobiles. He added that strength in capital goods and infrastructure-related output signals improving investment activity, while the decline in electricity generation reflects post-festive normalization rather than a slowdown in underlying industrial demand.
For October 2025, IIP growth was a flat 0.4% YoY, marking a sharp fall from September.