India’s factory output growth moderated to a three-month low of 4.8% year-on-year (y-o-y) in January 2026, after hitting a 26-month high of 8% in December, according to data released by the Ministry of Statistics and Programme Implementation (MoSPI) on Monday. The slowdown was broad-based across mining, manufacturing, and electricity, with some base effects also contributing to the deceleration. According to MoSPI, the mining and electricity sectors recorded growth of 4.3% y-o-y and 5.1% YoY in January, respectively. Manufacturing output growth slowed to a three-month low of 4.8% YoY in January from 8.4% in December. In January 2025, the IIP had grown by 5.2%.