India's January industrial output growth slows to 3-month low of 4.8%

Economists polled by Reuters expected it to expand by 6.5%. Output had risen by a revised ‌8% in December.

KEY NUMBERS

* Manufacturing output grew 4.8% year-on-year in Januaryagainst a revised 8.4% growth ⁠in December.

* Electricity generation rose 5.1% year-on-year in Januaryagainst a 6.3% increase a month ​earlier.

* Mining ​activity registered a ​4.3% increase year-on-year inJanuary ‌against a revised 6.9% rise in December.

* Output of consumer durables, including cars and phones,grew 6.3% year-on-year in January against a revised 12.4%increase a month ago.

* Output of consumer ‌non-durables, such as food ​items andtoiletries, fell 2.7% ​year-on-year in January ​against a revised8.5% increase in ‌the previous month.

* Capital goods ​output rose ​4.3% year-on-year in Januaryagainst a revised 8.3% increase in December. * Industrial output in ​April-January grew ‌4% as compared toan increase of 4.2% ​a year earlier.

The Index of Industrial Production (IIP) was supported by steady expansion in manufacturing and electricity generation, which grew 4.8% and 5.1% respectively, while mining output rose 4.3%. Overall industrial output stood at 169.4 in January compared with 161.6 a year earlier.

Within manufacturing, 14 of 23 industry groups recorded positive growth. The strongest contributors were basic metals, which surged 13.2%, motor vehicles at 10.9%, and other non-metallic mineral products at 9.9%, reflecting robust activity in steel, cement and auto-related segments.

Use-based data showed infrastructure and construction goods led expansion with a sharp 13.7% increase, followed by intermediate goods at 6.0% and capital goods at 4.3%. Consumer durables rose 6.3%, but consumer non-durables contracted 2.7%, indicating uneven demand conditions.