The combined Index of Eight Core Industries (ICI) increased by 3.8 per cent (provisional) in March, 2025 as compared to the Index in March, 2024. The production of Cement, Fertilizers, Steel, Electricity, Coal and Refinery Products recorded positive growth in March, 2025. The details of annual indices, monthly indices and growth rates are provided at Annex I and Annex II.
The ICI measures the combined and individual performance of production of eight core industries viz. Coal, Crude Oil, Natural Gas, Refinery Products, Fertilizers, Steel, Cement and Electricity. The Eight Core Industries comprise 40.27 percent of the weight of items included in the Index of Industrial Production (IIP).
The final growth rate of Index of Eight Core Industries for December 2024 was observed at 5.1 per cent. The cumulative growth rate of ICI during April to March, 2024-25 is 4.4 per cent (provisional) as compared to the corresponding period of last year.
The summary of the Index of Eight Core Industries is given below:
Coal - Coal production (weight: 10.33 per cent) increased by 1.6 per cent in March, 2025 over March, 2024. Its cumulative index increased by 5.1 per cent during April to March, 2024-25 over corresponding period of the previous year.
Crude Oil - Crude Oil production (weight: 8.98 per cent) declined by 1.9 per cent in March, 2025 over March, 2024. Its cumulative index declined by 2.2 per cent during April to March, 2024-25 over corresponding period of the previous year.
Natural Gas - Natural Gas production (weight: 6.88 per cent) declined by 12.7 per cent in March, 2025 over March, 2024. Its cumulative index declined by 1.2 per cent during April to March, 2024-25 over corresponding period of the previous year.
Petroleum Refinery Products - Petroleum Refinery production (weight: 28.04 per cent) increased by 0.2 per cent in March, 2025 over March, 2024. Its cumulative index increased by 2.8 per cent during April to March, 2024-25 over corresponding period of the previous year.
Fertilizers - Fertilizer production (weight: 2.63 per cent) increased by 8.8 per cent in March, 2025 over March, 2024. Its cumulative index increased by 2.9 per cent during April to March, 2024-25 over corresponding period of the previous year.
Steel - Steel production (weight: 17.92 per cent) increased by 7.1 per cent in March, 2025 over March, 2024. Its cumulative index increased by 6.7 per cent during April to March, 2024-25 over corresponding period of the previous year.
Cement - Cement production (weight: 5.37 per cent) increased by 11.6 per cent in March, 2025 over March, 2024. Its cumulative index increased by 6.3 per cent during April to March, 2024-25 over corresponding period of the previous year.
Electricity - Electricity generation (weight: 19.85 per cent) increased by 6.2 per cent in March, 2025 over March, 2024. Its cumulative index increased by 5.1 per cent during April to March, 2024-25 over corresponding period of the previous year.
Note 1: Data for January, 2025, February, 2025 and March, 2025 are provisional. Index numbers of Core Industries are revised/finalized as per updated data from source agencies.
Note 2: Since April 2014, Electricity generation data from Renewable sources are also included.
Note 3: The industry-wise weights indicated above are individual industry weights derived from IIP and blown up on pro rata basis to a combined weight of ICI equal to 100.
Note 4: Since March 2019, a new steel product called Hot Rolled Pickled and Oiled (HRPO) under the item ‘Cold Rolled (CR) coils’ within the production of finished steel has also been included.
Note 5: Release of the index for April, 2025 will be on Tuesday, 20th May, 2025.
Annex I
Performance of Eight Core Industries
Yearly Index & Growth Rate
Base Year: 2011-12=100
Index
Sector | Coal | Crude Oil | Natural Gas | Refinery Products | Fertilizers | Steel | Cement | Electricity | Overall Index |
Weight | 10.33 | 8.98 | 6.88 | 28.04 | 2.63 | 17.92 | 5.37 | 19.85 | 100.00 |
2012-13 | 103.2 | 99.4 | 85.6 | 107.2 | 96.7 | 107.9 | 107.5 | 104.0 | 103.8 |
2013-14 | 104.2 | 99.2 | 74.5 | 108.6 | 98.1 | 115.8 | 111.5 | 110.3 | 106.5 |
2014-15 | 112.6 | 98.4 | 70.5 | 108.8 | 99.4 | 121.7 | 118.1 | 126.6 | 111.7 |
2015-16 | 118.0 | 97.0 | 67.2 | 114.1 | 106.4 | 120.2 | 123.5 | 133.8 | 115.1 |
2016-17 | 121.8 | 94.5 | 66.5 | 119.7 | 106.6 | 133.1 | 122.0 | 141.6 | 120.5 |
2017-18 | 124.9 | 93.7 | 68.4 | 125.2 | 106.6 | 140.5 | 129.7 | 149.2 | 125.7 |
2018-19 | 134.1 | 89.8 | 69.0 | 129.1 | 107.0 | 147.7 | 147.0 | 156.9 | 131.2 |
2019-20 | 133.6 | 84.5 | 65.1 | 129.4 | 109.8 | 152.6 | 145.7 | 158.4 | 131.6 |
2020-21 | 131.1 | 80.1 | 59.8 | 114.9 | 111.6 | 139.4 | 130.0 | 157.6 | 123.2 |
2021-22 | 142.3 | 77.9 | 71.3 | 125.1 | 112.4 | 163.0 | 156.9 | 170.1 | 136.1 |
2022-23 | 163.5 | 76.6 | 72.4 | 131.2 | 125.1 | 178.1 | 170.6 | 185.2 | 146.7 |
2023-24 | 182.7 | 77.1 | 76.8 | 135.9 | 129.8 | 200.4 | 185.7 | 198.3 | 157.8 |
Apr-Mar 2024-25* | 192.0 | 75.4 | 75.9 | 139.7 | 133.5 | 213.8 | 197.4 | 208.4 | 164.8 |
*Provisional
Growth Rates (on Y-o-Y basis in per cent)
Sector | Coal | Crude Oil | Natural Gas | Refinery Products | Fertilizers | Steel | Cement | Electricity | Overall Growth |
Weight | 10.33 | 8.98 | 6.88 | 28.04 | 2.63 | 17.92 | 5.37 | 19.85 | 100.00 |
2012-13 | 3.2 | -0.6 | -14.4 | 7.2 | -3.3 | 7.9 | 7.5 | 4.0 | 3.8 |
2013-14 | 1.0 | -0.2 | -12.9 | 1.4 | 1.5 | 7.3 | 3.7 | 6.1 | 2.6 |
2014-15 | 8.0 | -0.9 | -5.3 | 0.2 | 1.3 | 5.1 | 5.9 | 14.8 | 4.9 |
2015-16 | 4.8 | -1.4 | -4.7 | 4.9 | 7.0 | -1.3 | 4.6 | 5.7 | 3.0 |
2016-17 | 3.2 | -2.5 | -1.0 | 4.9 | 0.2 | 10.7 | -1.2 | 5.8 | 4.8 |
2017-18 | 2.6 | -0.9 | 2.9 | 4.6 | 0.03 | 5.6 | 6.3 | 5.3 | 4.3 |
2018-19 | 7.4 | -4.1 | 0.8 | 3.1 | 0.3 | 5.1 | 13.3 | 5.2 | 4.4 |
2019-20 | -0.4 | -5.9 | -5.6 | 0.2 | 2.7 | 3.4 | -0.9 | 0.9 | 0.4 |
2020-21 | -1.9 | -5.2 | -8.2 | -11.2 | 1.7 | -8.7 | -10.8 | -0.5 | -6.4 |
2021-22 | 8.5 | -2.6 | 19.2 | 8.9 | 0.7 | 16.9 | 20.8 | 8.0 | 10.4 |
2022-23 | 14.8 | -1.7 | 1.6 | 4.8 | 11.3 | 9.3 | 8.7 | 8.9 | 7.8 |
2023-24 | 11.8 | 0.6 | 6.1 | 3.6 | 3.7 | 12.5 | 8.9 | 7.1 | 7.6 |
Apr-Mar 2024-25* | 5.1 | -2.2 | -1.2 | 2.8 | 2.9 | 6.7 | 6.3 | 5.1 | 4.4 |
*Provisional.
Y-o-Y is calculated over the corresponding financial year of previous year
Annex II
Performance of Eight Core Industries
Monthly Index & Growth Rate
Base Year: 2011-12=100
Index
Sector | Coal | Crude Oil | Natural Gas | Refinery Products | Fertilizers | Steel | Cement | Electricity | Overall Index |
Weight | 10.33 | 8.98 | 6.88 | 28.04 | 2.63 | 17.92 | 5.37 | 19.85 | 100.00 |
Mar-24 | 256.0 | 78.9 | 79.3 | 147.0 | 116.6 | 219.8 | 219.4 | 204.2 | 175.0 |
Apr-24 | 173.3 | 76.3 | 74.8 | 137.9 | 117.8 | 210.0 | 192.3 | 212.0 | 161.7 |
May-24 | 184.7 | 77.9 | 78.7 | 141.8 | 135.9 | 209.7 | 190.6 | 229.3 | 168.2 |
Jun-24 | 186.4 | 74.4 | 75.8 | 134.1 | 134.0 | 204.0 | 198.5 | 222.8 | 163.7 |
Jul-24 | 163.0 | 76.6 | 78.0 | 143.3 | 138.8 | 205.1 | 174.6 | 220.2 | 162.8 |
Aug-24 | 138.2 | 75.7 | 77.4 | 134.0 | 137.5 | 206.6 | 177.4 | 212.3 | 156.3 |
Sep-24 | 151.8 | 72.0 | 75.8 | 134.1 | 134.8 | 202.0 | 178.8 | 206.9 | 155.4 |
Oct-24 | 186.0 | 74.6 | 79.3 | 135.5 | 136.9 | 212.9 | 187.2 | 207.8 | 162.4 |
Nov-24 | 199.6 | 73.9 | 75.7 | 138.4 | 136.2 | 212.9 | 177.0 | 184.1 | 159.1 |
Dec-24 | 215.1 | 77.9 | 78.1 | 149.1 | 139.8 | 221.8 | 211.7 | 192.8 | 169.4 |
Jan-25* | 229.8 | 77.9 | 78.1 | 147.2 | 139.0 | 228.1 | 220.3 | 201.9 | 173.8 |
Feb-25* | 215.6 | 69.7 | 70.0 | 133.5 | 124.9 | 216.8 | 215.2 | 194.0 | 163.0 |
Mar-25* | 260.2 | 77.4 | 69.2 | 147.3 | 126.9 | 235.5 | 244.8 | 216.9 | 181.7 |
*Provisional
Growth Rates (on Y-o-Y basis in per cent)
Sector | Coal | Crude Oil | Natural Gas | Refinery Products | Fertilizers | Steel | Cement | Electricity | Overall Growth |
Weight | 10.33 | 8.98 | 6.88 | 28.04 | 2.63 | 17.92 | 5.37 | 19.85 | 100.00 |
Mar-24 | 8.7 | 2.1 | 6.3 | 1.6 | -1.3 | 7.5 | 10.6 | 8.6 | 6.3 |
Apr-24 | 7.5 | 1.7 | 8.6 | 3.9 | -0.8 | 9.8 | 0.2 | 10.2 | 6.9 |
May-24 | 10.2 | -1.1 | 7.5 | 0.5 | -1.7 | 8.9 | -0.6 | 13.7 | 6.9 |
Jun-24 | 14.8 | -2.6 | 3.3 | -1.5 | 2.4 | 6.3 | 1.8 | 8.6 | 5.0 |
Jul-24 | 6.8 | -2.9 | -1.3 | 6.6 | 5.3 | 7.0 | 5.1 | 7.9 | 6.3 |
Aug-24 | -8.1 | -3.4 | -3.6 | -1.0 | 3.2 | 4.1 | -2.5 | -3.7 | -1.5 |
Sep-24 | 2.6 | -3.9 | -1.3 | 5.8 | 1.9 | 1.8 | 7.6 | 0.5 | 2.4 |
Oct-24 | 7.8 | -4.8 | -1.2 | 5.2 | 0.4 | 5.7 | 3.1 | 2.0 | 3.8 |
Nov-24 | 7.5 | -2.1 | -1.9 | 2.9 | 2.0 | 10.5 | 13.1 | 4.4 | 5.8 |
Dec-24 | 5.3 | 0.6 | -1.8 | 2.8 | 1.7 | 7.3 | 10.3 | 6.2 | 5.1 |
Jan-25* | 4.6 | -1.1 | -1.5 | 8.3 | 3.0 | 4.7 | 14.6 | 2.4 | 5.1 |
Feb-25* | 1.7 | -5.2 | -6.0 | 0.8 | 10.2 | 6.9 | 10.8 | 3.6 | 3.4 |
Mar-25* | 1.6 | -1.9 | -12.7 | 0.2 | 8.8 | 7.1 | 11.6 | 6.2 | 3.8 |
*Provisional.
Y-o-Y is calculated over the corresponding financial year of previous year
***
Core industry output rises, ICI up year on year with mixed sectoral performance and provisional data report The Index of Eight Core Industries rose 3.8% in March 2025 year on year, with Cement, Fertilizers, Steel, Electricity, Coal and Refinery Products growing while Crude Oil and Natural Gas fell; the ICI combines eight sectors with specified weights (total 100) and comprises 40.27% of IIP. April-March 2024-25 cumulative growth is provisionally 4.4% and December 2024 final growth was 5.1%. Data for Jan-Mar 2025 are provisional and subject to revision; renewables are included in electricity data and a new steel product (HRPO) has been added.
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