Industrial Output Soars to 2-Year High of 6.7% in Nov 2025 on Manufacturing, GST Cuts

• India's industrial production (IIP) accelerated to a two-year high of 6.7% in November 2025, driven by strong manufacturing and mining growth.
• GST rate cuts, effective September 22, 2025, boosted demand and encouraged manufacturers to front-load production, leading to increased orders.
• Manufacturing output rose 8% and mining activity grew 5.4% in November 2025, while power generation contracted 1.5%.
• ICRA's Aditi Nayar expects growth to moderate to 3.5-5.0% in December 2025 due to base effects and waning restocking benefits.
• For April-November FY26, industrial production growth slowed to 3.3% compared to the previous year.

Why It Matters: India's industrial output surged to a two-year high in Nov 2025, fueled by manufacturing and GST cuts.