The combined Index of Eight Core Industries (ICI) increased by 6.3 per cent (provisional) in August, 2025 as compared to the Index in August, 2024. The production of Steel, Coal, Cement, Fertilizer, Electricity and Petroleum Refinery products recorded positive growth in August, 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 July 2025 was observed at 3.7 per cent. The cumulative growth rate of ICI during April to August, 2025-26 is 2.8 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 11.4 per cent in August, 2025 over August, 2024. Its cumulative index declined by 0.7 per cent during April to August, 2025-26 over corresponding period of the previous year.
Crude Oil - Crude Oil production (weight: 8.98 per cent) declined by 1.2 per cent in August, 2025 over August, 2024. Its cumulative index declined by 1.7 per cent during April to August, 2025-26 over corresponding period of the previous year.
Natural Gas - Natural Gas production (weight: 6.88 per cent) declined by 2.2 per cent in August, 2025 over August, 2024. Its cumulative index declined by 2.5 per cent during April to August, 2025-26 over corresponding period of the previous year.
Petroleum Refinery Products - Petroleum Refinery production (weight: 28.04 per cent) increased by 3.0 per cent in August, 2025 over August, 2024. Its cumulative index increased by 0.4 per cent during April to August, 2025-26 over corresponding period of the previous year.
Fertilizers - Fertilizer production (weight: 2.63 per cent) increased by 4.6 per cent in August, 2025 over August, 2024. Its cumulative index declined by 0.8 per cent during April to August, 2025-26 over corresponding period of the previous year.
Steel - Steel production (weight: 17.92 per cent) increased by 14.2 per cent in August, 2025 over August, 2024. Its cumulative index increased by 10.4 per cent during April to August, 2025-26 over corresponding period of the previous year.
Cement - Cement production (weight: 5.37 per cent) increased by 6.1 per cent in August, 2025 over August, 2024. Its cumulative index increased by 8.4 per cent during April to August, 2025-26 over corresponding period of the previous year.
Electricity - Electricity generation (weight: 19.85 per cent) increased by 3.1 per cent in August, 2025 over August, 2024. Its cumulative index increased by 0.5 per cent during April to August, 2025-26 over corresponding period of the previous year.
Note 1: Data for July, 2025 is Final. Data for August, 2025 is 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 September, 2025 will be on Tuesday, 21st October, 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 |
2024-25 | 192.0 | 75.4 | 75.9 | 139.7 | 133.5 | 214.1 | 197.4 | 208.6 | 164.9 |
Apr-Aug 2024-25 | 169.1 | 76.2 | 76.9 | 138.2 | 132.8 | 207.1 | 186.7 | 219.3 | 162.5 |
Apr-Aug 2025-26* | 167.9 | 74.9 | 75.0 | 138.7 | 131.7 | 228.7 | 202.3 | 220.3 | 167.1 |
*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 |
2024-25 | 5.1 | -2.2 | -1.2 | 2.8 | 2.9 | 6.8 | 6.3 | 5.2 | 4.5 |
Apr-Aug 2024-25 | 6.5 | -1.7 | 2.5 | 1.6 | 1.7 | 7.3 | 0.7 | 7.1 | 4.6 |
Apr-Aug 2025-26* | -0.7 | -1.7 | -2.5 | 0.4 | -0.8 | 10.4 | 8.4 | 0.5 | 2.8 |
*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 |
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 | 219.7 | 201.7 | 173.8 |
Feb-25 | 215.6 | 69.7 | 70.0 | 133.5 | 124.9 | 216.8 | 215.1 | 194.0 | 163.0 |
Mar-25 | 260.2 | 77.4 | 69.2 | 147.3 | 126.9 | 238.9 | 246.2 | 219.5 | 182.9 |
Apr-25 | 179.3 | 74.2 | 74.1 | 131.7 | 112.9 | 219.2 | 204.5 | 215.7 | 163.3 |
May-25 | 189.8 | 76.5 | 75.9 | 143.3 | 127.9 | 225.3 | 209.0 | 218.5 | 170.2 |
Jun-25 | 173.7 | 73.5 | 73.7 | 138.6 | 132.4 | 223.8 | 214.7 | 220.1 | 167.3 |
Jul-25 | 143.0 | 75.6 | 75.5 | 141.7 | 141.6 | 239.1 | 194.8 | 228.4 | 168.9 |
Aug-25* | 153.9 | 74.8 | 75.7 | 138.0 | 143.8 | 235.9 | 188.3 | 218.8 | 166.1 |
*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 |
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 | 14.3 | 2.3 | 5.1 |
Feb-25 | 1.7 | -5.2 | -6.0 | 0.8 | 10.2 | 6.9 | 10.7 | 3.6 | 3.4 |
Mar-25 | 1.6 | -1.9 | -12.7 | 0.2 | 8.8 | 8.7 | 12.2 | 7.5 | 4.5 |
Apr-25 | 3.5 | -2.8 | -0.9 | -4.5 | -4.2 | 4.4 | 6.3 | 1.7 | 1.0 |
May-25 | 2.8 | -1.8 | -3.6 | 1.1 | -5.9 | 7.4 | 9.7 | -4.7 | 1.2 |
Jun-25 | -6.8 | -1.2 | -2.8 | 3.4 | -1.2 | 9.7 | 8.2 | -1.2 | 2.2 |
Jul-25 | -12.3 | -1.3 | -3.2 | -1.1 | 2.0 | 16.6 | 11.6 | 3.7 | 3.7 |
Aug-25* | 11.4 | -1.2 | -2.2 | 3.0 | 4.6 | 14.2 | 6.1 | 3.1 | 6.3 |
*Provisional.
Y-o-Y is calculated over the corresponding financial year of previous year
***
Abhishek Dayal/Abhijith Narayanan
Core industries growth rises, led by steel, coal and cement, with mixed performances across energy and refinery sectors. The provisional Index of Eight Core Industries rose in August 2025, with Steel, Coal, Cement, Fertilizers, Electricity and Petroleum Refinery products recording positive year on year growth while Crude Oil and Natural Gas declined. The ICI combines eight sectoral production indices (scaled to a combined weight of 100) and comprises 40.27% of the IIP weight. July 2025 data are final, August 2025 provisional; cumulative April-August 2025-26 growth is reported separately. Index numbers are subject to revision as source agency data are updated, and methodology notes disclose inclusion of renewable electricity and a new steel product.
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