India: Industrial output growth moderates notably in December
Industrial output rose 0.4% in year-on-year terms in December, which followed November’s 1.3% increase. The outturn marked the worst reading since February 2021. December’s slowdown was largely driven by a contraction in manufacturing output—the first decline in 10 months—while mining production growth softened. That being said, the utility subsector increased at a quicker pace in December.
Meanwhile, annual average industrial production growth ticked down to 19.2% in December (November: +19.3%).