India Industrial Production Slows
In April 2025, India's industrial production saw a growth of 2.7% compared to the same period the previous year. This marks a deceleration from the upwardly revised 3.9% increase noted in March, yet it still comfortably surpassed market expectations of a 1% rise. The slowdown was primarily attributed to more subdued growth in the manufacturing sector, which recorded a 3.4% increase compared to 4.2% in March. Notably, substantial growth in sectors such as computer, electronics, and optical products (10.5%), electrical equipment (15.2%), machinery (17.5%), and motor vehicles (15.4%) helped counterbalance the declines observed in pharmaceuticals (-3.9%), chemical products (-3.6%), and coke and refined petroleum goods (-2.1%). Furthermore, the rate of increase in electricity output slowed to 1.1% from 10.2%, while mining output decreased by 0.2%, in contrast to a 1.2% growth in the previous month.
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