India’s industrial production slowed to 2.9% YoY in February, down from 5.2% YoY in January and below expectations of a 4.0% YoY increase.

• Manufacturing production was up 2.9% YoY, down from 5.8% YoY, and mining production was 1.6% YoY, down from 4.4% YoY.
• The largest declines were in paper & paper products (-9.1% YoY), printing & recorded media production (-8.6% YoY), other manufacturing (-6.2% YoY), and food products (-6.1% YoY).
• The highest weighted industry, basic metals manufacturing, was up 5.8% YoY, offsetting weakness elsewhere.
• Electronics (+10.6% MoM) and electrical equipment (+9.3% MoM) were the two strongest industries in February.