India’s industrial production increased 2.7% YoY (vs 1.0% YoY expected) in April, slowing slightly from 3.9% YoY in March, as manufacturing output rose 3.4% YoY while mining activity contracted and electricity growth moderated.

• Manufacturing was led by machinery (+17.0% YoY), motor vehicles (+15.4% YoY), and electrical equipment (+15.2% YoY).
• Mining output declined -0.2% YoY, while electricity generation rose 1.1% YoY.
• By use-based classification: capital goods surged +20.3% YoY, while consumer durables rose +6.4% YoY; consumer non-durables declined -1.7% YoY.
• Primary goods and intermediate goods saw marginal declines/gains at -0.4% and +4.1% YoY, respectively.