FX.co ★ India Industrial Production Slows

India’s industrial production grew by 4.8% year-on-year in January 2026, easing from an upwardly revised 8% increase—the strongest in two years—recorded in December. The latest figure also fell short of market expectations for a sharper 6.5% rise.

Manufacturing output, which accounts for nearly 80% of total industrial production, likewise expanded by 4.8% in January, down from 8.4% in the previous month. Growth in the sector was led by robust increases in the production of motor vehicles (10.9%), machinery and equipment (6.2%), and basic metals (13.2%).

Elsewhere, mining output increased by 4.3%, while electricity and other utility generation rose by 5.1%.