The Ministry of Commerce & Industry released the provisional Index of Core Industries (ICI) for September 2026, showing robust 7.9% year-on-year growth, significantly higher than the 5.9% growth recorded in August 2026 (revised upward from 4.8%). The index value for September 2026 stood at 118.3 with base year 2022-23.
Sectoral performance varied significantly, with Iron Ore leading growth at 18.4% YoY, followed by Electricity (11.4%), Coal (10.7%), Refinery Products (10.3%), Cement (9.8%), and Steel (4.9%). However, three sectors contracted: Fertilizers (-11.7%), Natural Gas (-4.6%), and Crude Oil (-1.4%). The ministry noted that Coal, Refinery Products, Steel, and Iron Ore have been the major drivers of overall ICI growth in recent months.
Cumulative growth for the first half of fiscal year 2026-27 (April-September) reached 5.1% (provisional), double the 2.5% growth recorded in the same period of the previous year. The cumulative index value for April-September 2026 stood at 119.3 compared to 113.5 in the same period last year.
The final index for August 2026 was revised upward from 119.2 to 120.4, resulting in a revised YoY growth rate of 5.9% compared to the previously reported 4.8%. 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%).