India’s Index of Industrial Production rose +6.7% YoY in November 2025, rebounding sharply from October and led by manufacturing strength.

• Headline IIP growth accelerated to +6.7% YoY in November, up from +0.4% YoY in October, marking a sharp month-to-month improvement in industrial activity.

• By sector, Manufacturing expanded +8.0% YoY and Mining grew +5.4% YoY, while Electricity output declined -1.5% YoY, indicating uneven performance across the three major sectors.

• The overall IIP index increased to 158.0 from 148.1 a year earlier, with sector indices at 141.0 for Mining, 158.8 for Manufacturing, and 181.3 for Electricity.

• Within manufacturing, 20 of 23 industry groups recorded YoY growth, led by basic metals (+10.2%), pharmaceuticals (+10.5%), and motor vehicles, trailers, and semi-trailers (+11.9%).

• Growth in basic metals was supported by MS slabs, HR coils and sheets of mild steel, and flat products of alloy steel, while pharmaceuticals gains were driven by digestive enzymes, veterinary vaccines, and anti-psychotic drugs.

• Auto-related manufacturing strength reflected higher output of auto components, commercial vehicles, and passenger cars, contributing meaningfully to overall manufacturing growth.

• On a use-based basis, all categories posted YoY gains, led by infrastructure and construction goods (+12.1%), capital goods (+10.4%), intermediate goods (+7.3%), consumer durables (+10.3%), consumer non-durables (+7.3%), and primary goods (+2.0%), with infrastructure, intermediate, and consumer non-durables the largest contributors.