Industrial production in India rose by 4.8% from the previous year in January of 2026, slowing from the upwardly revised, two-year high 8% increase in the previous month and contrasting with expectations of a sharper increase of 6.5%. Manufacturing output, which makes up nearly 80% of the national industrial production, also expanded by 4.8% from the 8.4% increase in December, supported by the manufacture of motor vehicles (10.9%), machinery and equipment (6.2%), and basic metals (13.2%). In the meantime, mining output rose by 4.3% and utility generation rose by 5.1%.