Growth in India’s industrial production eased at the start of the fiscal year, to 2.7%YoY in Apr-25 compared to an upwardly revised 3.9% in Mar-25
Download ReportQuantEco Research || Apr-25 IIP - On a slow roll
On a sequential basis, IIP contracted by 8.6% MoM in Apr-25. This was better than the average monthly contraction of 10.7% seen in the month of April. Typically, several holidays in different parts of the country are observed in April, leading to loss of working days. Annualized growth was supported single-handedly by the index heavy-weight Manufacturing sub-sector on the sectoral side, and Capital goods production on the use-based side. For FY26, we hold on to our GDP growth estimate of 6.4%, though adding a downward bias to it. While we are reasonably confident of the domestic drivers (broad-basing of consumption and government capex) supporting growth, our GDP forecast will be continually reassessed basis evolving global trade dynamics that continue to remain in a state of flux.