India Industrial production September 2021


India: Industrial output posts the worst print since February in September

November 12, 2021

Industrial output increased 3.1% compared to the same month of the previous year in September, which was weaker than August's 12.0% expansion. The slowdown was largely driven by weaker mining and quarrying, manufacturing and utilities output growth.

Meanwhile, the trend improved marginally, with the annual average growth of industrial production coming in at 18.9% in September, up from August's 18.7%.

Commenting on the current state of the economy, analysts at Nomura noted:

“Demand is recovering at a swift pace and the current moderation in infection cases has also resulted in a sharp rebound in mobility and contact-intensive services. However, the industrial sector is reeling under multiple supply-side headwinds: energy shocks, including coal shortages, although this has started to ease at the margin, semiconductor shortages and higher input costs.”

FocusEconomics panelists expect industrial production to increase 11.6% in FY 2021, which is up 0.1 percentage points from the previous month’s forecast and to rise 6.4% in FY 2022.

Author:, Economist

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India Industrial production Chart

India Industry September 2021

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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