FX.co ★ India’s Manufacturing Output Growth Cools to 4.3% in March, Easing from February High

India’s manufacturing sector lost some momentum in March 2026, with output growth easing to 4.3% month-over-month from a robust 6.0% in February, according to data updated on 28 April 2026.

The moderation follows a particularly strong February, when manufacturing output had accelerated sharply compared with the previous month. The latest figure indicates that while the sector continues to expand, the pace of growth has slowed on a month-over-month basis. In this context, the “actual” reading for March (4.3%) is measured against February’s level, while the “previous” 6.0% reflects February’s change relative to January.

The deceleration in March suggests that some of the earlier surge in manufacturing activity may be normalizing, though the positive growth rate still points to ongoing resilience in India’s industrial base. Investors and policymakers will be watching upcoming releases closely to see whether March marks the start of a softer trend or a temporary pause after February’s outsized gain.