India Industrial production September 2020


India: Industrial activity expands for the first time since February in September

November 12, 2020

Industrial output increased a modest 0.2% year-on-year in September (August: -7.4% yoy). The figure marked the best result since February and smashed market expectations of 2.0% decline.

The reading reflected a broad-based upturn, with activity in the mining and electricity sectors expanding, while the contraction in the manufacturing sector softened notably.

Meanwhile, the trend pointed up, with the annual average variation of industrial production coming in at minus 11.7%, up from August's minus 12.1% reading.

FocusEconomics panelists expect industrial production to decrease 16.5% in FY 2020, which is down 1.0 percentage points from last month’s projection. In FY 2021, the panel expects industrial output to expand 11.0%.

Author:, Economist

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India Industrial production Chart

India Industry September 20 20

Note: Year-on-year and annual average variation of industrial production index in %.
Source: Ministry of Statistics and Programme Implementation (MOSPI) and FocusEconomics calculations.

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