India's Eight Core Industries Record 3 Per Cent Growth In September, Driven By Steel And Cement Output

India’s key industrial sectors maintained modest momentum in September 2025, with the Index of Eight Core Industries (ICI) registering a 3 per cent year-on-year increase, according to the latest data from the Ministry of Commerce and Industry.

Steel, Cement, and Electricity Lead the Uptick

The rise was largely powered by strong performances in steel (+14.1 per cent), cement (+5.3 per cent), and electricity (+2.1 per cent) production.

Fertiliser output also inched up by 1.6 per cent during the month.

These gains helped offset declines in the energy-linked industries—coal (-1.2 per cent), crude oil (-1.3 per cent), natural gas (-3.8 per cent), and refinery products (-3.7 per cent)—which continue to weigh on overall industrial recovery.

Cumulative Growth at 2.9 per cent for First Half of FY26

Between April and September 2025, the combined index grew by 2.9 per cent, marginally lower than expectations amid uneven growth across sectors.

The ministry also revised the August 2025 growth rate to 6.5 per cent, reflecting stronger performance in that period.

Core Industries’ Weight in Industrial Output

The eight industries—coal, crude oil, natural gas, refinery products, fertilizers, steel, cement, and electricity—together account for 40.27 per cent of the weight in India’s overall Index of Industrial Production (IIP).

Mixed Trends Across Sectors

• Steel: The standout performer, with both monthly and cumulative growth signaling robust construction and manufacturing demand.

• Cement: Posted a healthy increase, mirroring activity in the infrastructure and housing sectors.

• Energy Sectors: Output contractions in coal, crude oil, and natural gas indicate continuing supply and extraction challenges.

• Refinery Products: Decline of 3.7 per cent points to slower throughput in petroleum processing.

• Electricity: Steady growth underscores stable demand from households and industries alike.

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