India Core Industries Index Growth Moderates to 5.4% in July 2026
The Ministry of Commerce & Industry released provisional estimates showing India's Index of Core Industries (ICI) grew by 5.4% year-on-year in July 2026, slightly lower than the revised growth rate of 6.0% recorded in June 2026. The final index for June 2026 was upwardly revised from 119.6 to 120.7, resulting in the growth rate revision from 5.0% to 6.0%.
Sectoral Performance Shows Mixed Trends
Sectoral performance varied significantly in July 2026. Iron Ore production surged by 29.5% year-on-year, making it the best-performing sector, followed by Cement at 13.1% growth, Electricity at 9.0% growth, Coal at 7.6% growth, Steel at 2.9% growth, and Refinery Products at 2.7% growth. However, three sectors contracted: Natural Gas declined by 3.7%, Crude Oil production fell by 5.3%, and Fertilizers output decreased by 8.0% compared to July 2025.
Cumulative Growth Shows Strong Improvement
The cumulative growth rate for the April-July 2026 period stood at 4.3% (provisional estimate), which represents a substantial improvement over the 1.5% growth recorded in the corresponding period of the previous year. This indicates sustained momentum in core infrastructure output during the first four months of the fiscal year.
Historical Performance and Weightings
The ICI comprises eight core industries with varying weights: Electricity (30.932%), Refinery Products (22.572%), Steel (17.584%), Coal (5.596%), Cement (4.41%), Iron Ore (4.905%), Natural Gas (3.841%), Crude Oil (7.43%), and Fertilizers (2.731%). The index uses 2022-23 as the base year. The release schedule indicates that the ICI for August 2026 will be published on September 21, 2026.