India’s industrial production rose 1.2% YoY in May, slowing from 2.6% YoY in April, as growth in manufacturing (+2.6% YoY) was offset by contractions in electricity (-5.8% YoY) and mining (-0.1% YoY).

• Capital goods production surged +14.1% YoY, followed by infrastructure/construction goods at +6.3% YoY and intermediate goods at +3.5% YoY.
• Consumer durables production declined -0.7% YoY, and consumer non-durables production fell -2.4% YoY. Primary goods output shrank -1.9% YoY.
• Key industry contributors included basic metals (+6.4% YoY), machinery and equipment (+11.8%), and non-metallic mineral products (+6.9%).