India Industrial Production Hits Two-Year High in November; JSW Steel Output Rises

NEW DELHI: India’s industrial production recorded a strong rebound in November 2025, registering a two-year high growth of 6.7%, supported by robust performances in the manufacturing and mining sectors, according to official data released by the National Statistics Office (NSO) on Monday.

Measured through the Index of Industrial Production (IIP), factory output had grown by 5% in November 2024. The previous peak growth rate was 11.9% in November 2023.

The NSO also revised industrial output growth for October 2025 upward to 0.5%, slightly higher than the provisional estimate of 0.4% issued earlier.

Sector-wise Performance in November 2025

• Manufacturing output rose sharply by 8%, compared with 5.5% in the same month last year.

• Mining production expanded by 5.4%, significantly higher than the 1.9% growth recorded a year ago.

• Power generation, however, declined by 1.5%, reversing the 4.4% growth seen in November 2024.

Despite the November recovery, industrial activity showed moderation over the longer term. During the April–November period of FY26, overall industrial production grew by 3.3%, slower than the 4.1% growth recorded in the corresponding period last year.

October 2025 Data Showed Sharp Slowdown

Earlier data had revealed a notable slowdown in industrial output growth during October 2025, when IIP expansion slipped to a 13-month low of 0.4%, mainly due to weak performance across manufacturing, mining and power sectors.

Industrial production had grown by 3.7% in October 2024, while the lowest point prior to this was recorded in September 2024, when growth was flat.

The NSO later revised September 2025 industrial growth upward to 4.6%, from the provisional estimate of 4%.

In October 2025:

• Manufacturing growth slowed to 1.8%, down from 4.4% a year earlier.

• Mining output contracted by 1.8%, compared with a 0.9% expansion in October 2024.

• Power generation fell sharply by 6.9%, reversing a 2% growth recorded in the previous year.

For the April–October period of FY26, industrial production growth eased to 2.7%, compared to 4% in the same period of the previous fiscal year.

IIP Release Rescheduled

The NSO had earlier announced that the IIP data for October 2025, originally scheduled for release on November 28, would be deferred to December 1 at 4:00 PM. The rescheduling was done to align with the release of GDP estimates for the July–September quarter of FY26.

JSW Steel Reports Higher Output in November

Separately, JSW Steel, led by Sajjan Jindal, reported a 5% year-on-year increase in its consolidated crude steel production, which stood at 24.39 lakh tonnes in November.

In comparison, the company had produced 23.23 lakh tonnes during the same month last year, according to a filing with the BSE.

Steel output from the company’s Indian operations also rose by 5%, reaching 23.61 lakh tonnes. Capacity utilisation at domestic plants stood at 84%, impacted by a temporary shutdown of a blast furnace at the Vijayanagar facility for capacity enhancement.

JSW Steel is the flagship company of the USD 23 billion JSW Group, which has diversified interests across energy, infrastructure, cement, paints, real estate, defence, mobility, sports, digital platforms and venture capital.