India's Industrial Output Grows 2.7% in April-October; State Refineries Indian Oil and Bharat Petroleum Secure Russian Crude for January

India's industrial production expanded by 2.7% during the April-October period of 2025 compared to the previous year, marking a continuation of moderate growth in the sector. This aggregate growth reflects mixed sectoral performance, with manufacturing, mining, and electricity showing varied contributions to the overall industrial output. The growth underscores resilience amid global economic uncertainties and domestic challenges.

 

On the energy front, state-run oil refiners Indian Oil Corporation (IOC) and Bharat Petroleum Corporation Limited (BPCL) have reportedly purchased Russian crude oil scheduled for delivery in January 2026. This move comes as these companies take advantage of pricing discounts on Russian crude, despite mounting international sanctions and regulatory scrutiny. Indian refiners are cautiously managing their imports to comply with evolving sanctions regimes while securing economically viable crude supply. This strategic procurement balances geopolitical pressures with India's energy security needs.

 

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Sources: Ministry of Statistics & Programme Implementation (MoSPI), Reuters, PIB, and trade sources​