India’s IIP grew 6.7% in November, compared with 5% in the same month last year. According to government data, the growth was led by the manufacturing sector, which posted an 8.0% year-on-year increase.
The manufacturing sector led the pack, supported by positive growth across most key industries. Within the sector, basic metals, pharmaceuticals and motor vehicles were the top three contributors in November.
The mining sector grew by 5.4% on a YoY basis, aided by the end of the monsoon season and strong growth in metallic minerals such as iron ore, the report added. However, electricity output fell by 1.5% in November.
The Indices of Industrial Production for the mining, manufacturing and electricity sectors for the month of November 2025 stood at 141.0, 158.8 and 181.3, respectively.
As per the report, the top three sectors driving IIP growth in November 2025 were infrastructure/construction goods, intermediate goods, and consumer non-durables
IIP hits 25-month high on festive restocking and manufacturing boost: ICRA
Aditi Nayar, Chief Economist, ICRA, said that IIP growth surged YoY to a 25-month high of 6.7% in November from 0.5% reflecting a shift in the festive calendar,restocking after the festive season sales, as well as some normalisation in activity across the mining and electricity segments.
Notably, while manufacturing growth quadrupled to 8.0% in November 2025 from 2.0% in October, the average for these months was largely unchanged at 5.0%, in line with the Q2 FY2026 print, Nayar added
“The impact of the US tariffs and penalties is likely to reflect across some of the manufacturing segments, partly offsetting the positive impact of the GST rate rejig. However, electricity demand has expanded in December 2025 after a gap of two months, which should boost power generation in the month, auguring well for IIP growth in the month. 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.”
Next IIP data on January 28
The Quick Estimate of the Index of Industrial Production (IIP) is released on the 28th of every month. In December, it was deferred to December 29 as December 28 was a Sunday. The next IIP data for December will be released on Monday, January 28, 2026.
The index is compiled using data received from source agencies, which, in turn, collect data from producing factories and establishments.