India Industrial Production Slows

The industrial production in India expanded by 4% from the previous year in August of 2025, slowing slightly from the upwardly revised 4.3% growth rate in the previous month, but below the market consensus of a 5% increase. Still, the result reflected a sharper pace of expansion than averages from the first half of the year, reflecting that initial tariffs by the US government did not have a significant immediate impact on industry. Output growth was carried by mining and extractive activities (6% vs -7.2% in July) and utility generation (4.1% vs 3.7%). These offset the softer growth for manufacturing (3.8% vs 6%).