The industrial production data for September is especially useful as it provides insights into longer periods such as the second quarter and the first half of the financial year. The news is not all bad, but there are areas that warrant attention. When looked at on a half-yearly basis, the IIP data for April-September 2025 show that industrial growth was the slowest in at least five years. At just 3%, the half-yearly growth is well below what it should be. However, quarterly growth shows that things are improving — Q2 growth was a more robust 4.1%, compared to 2% in Q1. The bright spot in all of this, at least on the surface, has been the manufacturing sector. In September, it grew by 4.8%, the second highest in this financial year. On a quarterly basis, the July-September 2025 quarter s

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