FX.co ★ India Industrial Production Growth at 2-Year High

In November 2025, India's industrial production surged by 6.7% compared to the same period in the previous year. This marks a significant acceleration from the 0.5% increase recorded in the prior month, reaching the fastest growth rate since October 2023. This impressive growth rate counters worries that the US's aggressive tariff hikes would have resulted in a prolonged economic slowdown for India. These tariffs have likely increased fuel costs for Indian producers, given the new levies on major Russian oil suppliers. Manufacturing saw an uptick of 8%, compared to 2% in October, largely due to increased output in basic and fabricated metals, pharmaceuticals, and motor vehicles. Mining activities also experienced a notable improvement, jumping by 5.4% from a previous decline of 1.8%, as operations resumed after the monsoon season. However, the electricity sector reported a second consecutive monthly decline, albeit at a slower rate of -1.5% following a -6.9% decrease.