The combined Index of Eight Core Industries (ICI) registered a 3.0 per cent year-on-year growth in September 2025, supported by strong performance in the steel, cement, electricity and fertilizer sectors, according to data released by the Ministry of Commerce and Industry.
Steel production recorded the highest growth among the eight sectors, rising by 14.1 per cent compared to the same month last year. Cement output grew by 5.3 per cent, electricity generation increased by 2.1 per cent, and fertilizer production saw a modest rise of 1.6 per cent.
On the other hand, key energy sectors showed contraction. Coal production declined by 1.2 per cent, crude oil by 1.3 per cent, natural gas by 3.8 per cent, and petroleum refinery products fell by 3.7 per cent in September.
The Eight Core Industries — coal, crude oil, natural gas, refinery products, fertilizers, steel, cement and electricity — together account for 40.27 per cent of the weight in the Index of Industrial Production (IIP), making the ICI a key indicator of overall industrial performance.
For the April to September period of the 2025–26 financial year, the cumulative growth of the ICI stood at 2.9 per cent provisionally, compared to the same period in the previous year. The final growth rate for August 2025 was recorded at 6.5 per cent.
The Ministry clarified that the data for September is provisional and subject to revision based on updates from source agencies. Since April 2014, electricity generation data has included contributions from renewable sources. Additionally, a new steel category — Hot Rolled Pickled and Oiled (HRPO) — was added under Cold Rolled coils from March 2019.