FX.co ★ India’s Manufacturing Momentum Cools as Output Growth Slows to 4.8% in January

India’s manufacturing output growth eased in January, with the indicator slowing to 4.8% on a month-over-month basis, down sharply from 8.1% previously. Both the prior and current readings relate to January 2026, indicating that the latest update reflects a revised assessment of the same period’s performance.

The data, updated on 2 March 2026, show that although manufacturing activity continued to expand, the pace of growth has moderated. The “actual” figure compares January’s output with the previous month, while the “previous” figure measures the change in the prior month relative to the month before that. The deceleration from 8.1% to 4.8% suggests that India’s manufacturing sector remains on an upward trajectory, but with reduced momentum at the start of the year.