Industrial growth hits 23-month high of 7.3%
“The sharp uptick reflects broad-based strength in industrial activity, supported by improving manufacturing output, resilient domestic demand, and sustained momentum in investment-led sectors,” Shashwat Singh, Fundamental Analyst at Bajaj Broking said.The heatwave in several parts of the country in June drove growth in the electricity and gas supply sector to a 25-month high of 10.6%, up from 9.9% in May. Some part of this strong growth could also have been due to a base effect since the sector had contracted 2% in June last year.
The capital goods sector also saw growth accelerating to a relatively robust 14.2% in June 2026, up from 3.45% in June last year. However, analysts say that despite this strong growth, the outlook for the months ahead is not as positive.
“While this reflects steady capital expenditure execution, our forward-looking credit outlook adopts a cautious stance,” Vikrant Chaturvedi, Associate Director at Brickwork Ratings said. “The 9.3% growth in intermediate goods supports near-term supply chain stability, yet the broader macroeconomic landscape is clouded by significant risks.”
The data also showed that consumer demand seems to be recovering, with growth in both consumer durables and non-durables accelerating in June. The consumer durables category grew 7.7% in June 2026, the fastest since November 2025, while the consumer non-durables sector grew 4.9%, the fastest in the same period of time.
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