In the first release under the revamped IIP series recording a growth of 4.9% compared to 3.2% in Mar-26.
Download ReportQuantEco Research | Apr-26 IIP - A news lens provides clarity...but for a hazy growth outlook
India's industrial sector entered FY27 on a firmer footing than anticipated, with the first release under the revamped IIP series recording a growth of 4.9% compared to 3.2% in Mar-26 Apr-26 growth was predominantly manufacturing-led with resilience in capital goods activity, and a broad confirmation from high-frequency indicators such as PMI, core industries, and automobile sales. The new 2022-23 base series arguably presents a more contemporary and representative picture of India's industrial economy, supported by dynamic weights, expanded sectoral coverage, and a more adaptive methodology. Yet, the stronger starting point masks a more challenging road ahead. Prolonged disruptions in the Middle East, mounting energy-related risks, a weaker monsoon outlook, and the prospect of a second-round demand slowdown could increasingly weigh on industrial activity in the coming quarters. While public capex and policy support may provide partial offsets, the balance of risks has shifted decisively to the downside, prompting a downward revision in our FY27 GDP growth forecast to 6.2% from 6.6% earlier.