2% growth recorded in March, according to the new Index of Industrial Production (IIP) data series released by the Ministry of Statistics and Programme Implementation (MoSPI) on Monday.
On the consumer front, 4.3% more durable goods were produced in April, while growth in non-durables was 2.8%.India’s industrial output grew by 4.9% in April, higher than the 3.2% growth recorded in March, according to the new Index of Industrial Production (IIP) data series released by the Ministry of Statistics and Programme Implementation (MoSPI) on Monday. The new IIP series, which has 2022-23 as the base year as against 2011-12 in the old one and updates various methodologies used in the compilation of the index and broadens the coverage of the economic indicator, also upgraded the industrial growth rate for the last three years. IIP growth in 2023-24, 2024-25, and 2025-26 is now estimated at 6.7%, 6.4%, and 4.3%, respectively. In the old 2011-12 series, the respective industrial growth rates were 5.9%, 4%, and 4.1%. The higher industrial growth in the past three years as per the new series is primarily due to upward revisions in manufacturing and electricity growth.In April, industrial growth was driven by the manufacturing sector, whose output rose 6.2% from the same month last year. The manufacturing sector has a 76% weight in the new IIP series, up from 78% in the 2011-12 series. Meanwhile, output of ‘water supply, sewerage & waste management’ and ‘electricity & gas supply’ rose 6.6% and 4.9%, respectively, in April. However, ‘mining and quarrying’ output contracted 5.1%. Within electricity and gas supply, MoSPI now provides a break-up of electricity generated through renewable and non-renewable sources. In April, electricity generation from renewable sources was 18% higher compared to only 2.8% growth for electricity from non-renewable sources. However, electricity from non-renewable sources has a much higher weight of 7.8% in the IIP compared to 2.3% for renewable sources. The impact of the war in West Asia was seemingly seen in the supply of gas, which was down 11.2% compared to April 2025. According to Barclays economists Aastha Gudwani and Amruta Ghare, the recovery in ‘manufacture of chemicals’ – whose output rose 0.4% in April following a 4.9% fall in March – “corroborates our view that peak shortages for industrial inputs (from gas and petrochemicals rationing) seen in March saw gradual improvement in supply in April and May”. And while the manufacture of coke and refined petroleum products was 0.5% lower in April compared to last year, “the sector growth was generally subdued even prior to the conflict”.Story continues below this ad “As such, we would not entirely attribute the Middle-East-related disruptions to output weakness here,” the economists added. In terms of use-based classification of goods produced, output of primary goods was 0.8% higher in April, while that of capital goods rose 16% and intermediate goods 7.7%. Infrastructure goods’ production was 7.1% higher. On the consumer front, 4.3% more durable goods were produced in April, while growth in non-durables was 2.8%. Going forward, economists expect industrial growth to be subdued on account of weaker global demand and supply chain disruptions.Story continues below this ad “The larger risk, though, is rising costs,” said Dipti Deshpande, Principal Economist at Crisil, referring to the energy supply shock caused by the conflict in West Asia. “Cost pressures are already visible, with wholesale inflation jumping to a 42-month high of 8.3% in April, along with consecutive increases in retail prices of diesel and petrol.” Deshpande expects GDP growth in 2026-27 to decline to 6.6%, down from the 7.6% estimated by MoSPI for 2025-26. The statistics ministry will, on Friday, release GDP data for January-March and the provisional estimate for 2025-26. Siddharth Upasani is a Deputy Associate Editor with The Indian Express. He reports primarily on data and the economy, looking for trends and changes in the former which paint a picture of the latter. Before The Indian Express, he worked at Moneycontrol and financial newsw
Top 10 countries with fastest billionaire growth by 2031: The global wealth landscape is expected to change significantly over the next few years, and the shift may not follow the usual economic patterns people are familiar with. Some of the fastest growth in billionaire populations is expected to happen outside traditional Western economies.These changes are being driven by factors such as foreign investment, government policies, technological growth, and regional business expansion. In several countries, the increase is anticipated to occur rapidly rather than gradually, indicating sudden waves of wealth creation. Different regions across Asia, Europe, and the Middle East are experiencing this growth for various reasons and at varying speeds.According to the new Knight Frank Wealth Report 2026, projections for 2026-2031 indicate a significant rise in the number of billionaires worldwide. The report highlights the countries expected to witness the fastest growth in the number of billionaires by 2031. The number of dollar billionaires worldwide has been steadily increasing. The global billionaire population rose from 2,723 in 2021 to 3,110 in 2026, marking a 14 per cent increase in five years. This growth is expected to accelerate in the coming years. Knight Frank’s Wealth Report 2026 predicts that the number of billionaires worldwide will increase by 26 per cent over the next five years, reaching 3,915 by 2031. Europe is expected to play a major role in this rise. The number of billionaires in Europe is projected to grow from 780 in 2026 to 994 by 2031, showing a 27 per cent increase. The report also identifies the countries expected to see the largest rise in the number of billionaires and compares Europe’s growth with that of the Americas. The study lists the top 20 countries with the fastest expected growth in billionaire numbers. Eight of these countries are from Europe, with Nordic nations leading the region. Saudi Arabia ranks first globally in projected increase. Its billionaire population is expected to jump by 183 per cent, rising from 23 in 2026 to 65 by 2031. This sharp rise is linked to Vision 2030, Saudi Arabia’s large economic diversification plan aimed at reducing the country’s dependence on oil. Massive trillion-dollar projects, policies encouraging foreign investment, and rapid growth in sectors such as finance, tourism, and construction are helping create more private wealth in the country.Story continues below this ad Poland is expected to lead Europe in billionaire growth. The country’s billionaire count is projected to more than double from 13 to 29, representing a 123 per cent increase. Sweden ranks second in Europe and third globally, with an 81 per cent rise from 32 to 58 billionaires. Denmark follows with a 75 per cent increase, as its billionaire population is expected to grow from 12 to 21. Norway also strengthens the Nordic region’s strong performance, with the number of billionaires expected to rise from 17 to 26, a 53 per cent increase. Three of Europe’s four fastest-growing countries are Nordic nations. Austria is projected to record a 50 per cent rise, with the number of billionaires increasing from 12 to 18. Spain is expected to grow by 40 per cent, reaching 53 billionaires by 2031. Italy, another large European economy, is forecast to see its billionaire count climb from 61 to 82. The rankings are based on five-year percentage growth rates. As a result, major economies such as the UK, Germany, and France are not included on the list. Germany, for example, had the highest number of billionaires in Europe in 2025, with 171, according to Forbes.Story continues below this ad When these same 20 countries are ranked by their total billionaire populations in 2031, India comes out on top with 313 billionaires. Australia and Singapore follow with 85 billionaires each. The Asia-Pacific region remains the global leader in the number of billionaires, accounting for 1,116 billionaires, or 36 per cent of
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