India’s industrial production increased 5.0% YoY in January, up from 3.5% YoY in December and above expectations of a 3.5% YoY gain.

• Manufacturing production was up a strong 5.5% YoY as the index increased to the highest in over two years.
• Mining production was up 4.4% YoY, and electricity production increased 2.4% YoY.
• The manufacturing industries with the largest growth were transport equipment (+20.4% YoY), furniture (+16.5% YoY), and tobacco (+16.0% YoY).
• The heaviest weighted industries also saw strong increases: coke and refined petroleum (+8.5% YoY) and basic metals (+6.3% YoY).