India's IIP records 5.1% year-on-year growth in May

29 Jun 2026 Evaluate

The Ministry of Statistics & Programme Implementation (MoSPI) in its latest report has showed that Index of Industrial Production (IIP) recorded a 5.1 percent (Quick Estimate) year-on-year growth in May 2026, which is higher than 4.9 percent growth in the month of April 2026. The growth was supported by expansion in manufacturing and electricity and gas supply. The Quick Estimate of IIP stood at 122.7 against 116.7 in May 2025. The May reading ?is the second under the revised 2022-23 base year series.

The growth rates of the Four sectors, Mining & Quarrying, Manufacturing, Electricity & Gas Supply and Water Supply, Sewerage & Waste Management for the month of May 2026 are (-)1.6 percent, 5.5 percent, 9.9 percent and 5.5 percent respectively. The indices of Industrial Production for Mining & Quarrying, Manufacturing, Electricity & Gas Supply and Water Supply, Sewerage & Waste Management for the month of May 2026 stood at 112.9, 122.6, 129.6 and 145.1 respectively.

Within the Manufacturing sector, 16 out of 23 industry groups at NIC 2 digit-level have recorded a positive growth in May 2026 over May 2025. The top three positive contributors for the month of May 2026 are – ‘Manufacture of motor vehicles, trailers and semi-trailers’ (14.5 percent), ‘Manufacture of electrical equipment’ (20.8 percent ) and ‘Manufacture of basic metals’ (4.6 percent).

As per the Use-Based Classification, the indices stand at 119.6 for Primary Goods, 135.3 for Capital Goods, 123.1 for Intermediate Goods and 130.8 for Infrastructure/ Construction Goods for the month of May 2026. Further, the indices for Consumer durables and Consumer non-durables stand at 120.4 and 118.4 respectively. The corresponding growth rates of IIP as per Use-Based Classification in May 2026 over May 2025 are 2.6 percent in Primary Goods, 12.9 percent in Capital Goods, 5.8 percent in Intermediate Goods, 5.9 percent in Infrastructure/ Construction Goods, 7.2 percent in Consumer durables and 3.6 percent in Consumer non-durables (Statement III). Based on Use-Based Classification, top three positive contributors to the growth of IIP for the month of May 2026 are Intermediate Goods, Capital Goods and Primary goods.

The Ministry of Statistics and Programme Implementation has decided to adopt Output Producer Price Index (Output PPI) as Deflator in place of WPI for item groups for which output is collected in value terms. This affects 234 out of the 463 item groups in the IIP basket, representing 36.02 per cent of the total index weight. MoSPI has now revised and released the entire IIP 2022-23 series with Output PPI and it supersedes the earlier WPI based IIP 2022–23 series released on June 1, 2026.

The Ministry of Statistics and Programme Implementation released the new series of the All India Index of Industrial Production (IIP) with base year 2022–23 on June 1, 2026, using the Wholesale Price Index (WPI) as the deflator. Subsequently, the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry, released the Output PPI series with base year 2022–23 on June 15, 2026. As output PPI is a new and important indicator for capturing producer level prices, it has significant implications for compiling IIP.

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