Overview

• Official NSO data show IIP up 4% year on year in August, with mining at 6%, manufacturing at 3.8% and electricity at 4.1%.
• July’s industrial growth was revised up to 4.3% from an earlier 3.5% as more manufacturing data came in.
• Manufacturing slowed sequentially to 3.8% from 6% in July, though basic metals rose 12.2%, motor vehicles 9.8% and petroleum products 5.4%.
• In use-based categories, infrastructure and construction goods jumped 10.6%, primary goods grew 5.2%, intermediate goods 5% and capital goods 4.4%.
• Consumer durables output increased 3.5% while non-durables fell 6.3%, and cumulative April–August IIP growth eased to 2.8%, signaling uneven momentum into the festive season that analysts expect GST rationalisation to support.