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The combined Index of Eight Core Industries (ICI) increased by 4.0 per cent (provisional) in January, 2026 as compared to the Index in January, 2025. The production of Cement, Steel, Electricity, Fertilizer and Coal recorded positive growth in January, 2026. 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 2025 was observed at 4.7 per cent. The cumulative growth rate of ICI during April to January, 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 3.1 per cent in January, 2026 over January, 2025. Its cumulative index declined by 0.3 per cent during April to January, 2025-26 over corresponding period of the previous year.
Crude Oil - Crude Oil production (weight: 8.98 per cent) declined by 5.8 per cent in January, 2026 over January, 2025. Its cumulative index declined by 2.1 per cent during April to January, 2025-26 over corresponding period of the previous year.
Natural Gas - Natural Gas production (weight: 6.88 per cent) declined by 5.0 per cent in January, 2026 over January, 2025. Its cumulative index declined by 3.4 per cent during April to January, 2025-26 over corresponding period of the previous year.
Petroleum Refinery Products - Petroleum Refinery production (weight: 28.04 per cent) in January, 2026 has remained unchanged at 147.2 (provisional) as compared to the index in January, 2025. Its cumulative index increased by 0.1 per cent during April to January, 2025-26 over corresponding period of the previous year.
Fertilizers - Fertilizer production (weight: 2.63 per cent) increased by 3.7 per cent in January, 2026 over January, 2025. Its cumulative index increased by 1.9 per cent during April to January, 2025-26 over corresponding period of the previous year.
Steel - Steel production (weight: 17.92 per cent) increased by 9.9 per cent in January, 2026 over January, 2025. Its cumulative index increased by 9.8 per cent during April to January, 2025-26 over corresponding period of the previous year.
Cement - Cement production (weight: 5.37 per cent) increased by 10.7 per cent in January, 2026 over January, 2025. Its cumulative index increased by 9.1 per cent during April to January, 2025-26 over corresponding period of the previous year.
Electricity - Electricity generation (weight: 19.85 per cent) increased by 3.8 per cent in January, 2026 over January, 2025. Its cumulative index increased by 0.8 per cent during April to January, 2025-26 over corresponding period of the previous year.
Note 1: Data for December, 2025 is Final. Data for January, 2026 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 February, 2026 will be on Friday, 20th March, 2026.
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-Jan 2024-25 | 182.8 | 75.7 | 77.2 | 139.5 | 135.1 | 211.3 | 190.8 | 209.0 | 163.3 |
| Apr-Jan 2025-26* | 182.3 | 74.1 | 74.6 | 139.6 | 137.6 | 232.0 | 208.1 | 210.6 | 167.9 |
*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-Jan 2024-25 | 6.0 | -2.1 | 0.5 | 3.3 | 1.7 | 6.6 | 5.1 | 5.1 | 4.5 |
| Apr-Jan 2025-26* | -0.3 | -2.1 | -3.4 | 0.1 | 1.9 | 9.8 | 9.1 | 0.8 | 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 |
| 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 | 77.5 | 75.7 | 138.0 | 143.8 | 234.6 | 186.9 | 221.1 | 166.5 |
| Sep-25 | 150.0 | 71.1 | 72.9 | 129.2 | 137.0 | 231.0 | 187.7 | 213.3 | 160.5 |
| Oct-25 | 170.1 | 73.7 | 75.3 | 141.7 | 147.0 | 225.5 | 196.9 | 193.4 | 162.3 |
| Nov-25 | 203.8 | 71.5 | 73.8 | 137.1 | 143.8 | 227.2 | 202.8 | 181.3 | 162.4 |
| Dec-25 | 222.8 | 73.5 | 74.7 | 147.6 | 145.5 | 244.1 | 240.8 | 204.9 | 177.3 |
| Jan-26* | 236.9 | 73.4 | 74.2 | 147.2 | 144.2 | 250.6 | 243.1 | 209.4 | 180.8 |
*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 |
| 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 | 2.4 | -2.2 | 3.0 | 4.6 | 13.6 | 5.4 | 4.1 | 6.5 |
| Sep-25 | -1.2 | -1.3 | -3.8 | -3.7 | 1.6 | 14.4 | 5.0 | 3.1 | 3.3 |
| Oct-25 | -8.5 | -1.2 | -5.0 | 4.6 | 7.4 | 5.9 | 5.2 | -6.9 | -0.1 |
| Nov-25 | 2.1 | -3.2 | -2.5 | -0.9 | 5.6 | 6.7 | 14.6 | -1.5 | 2.1 |
| Dec-25 | 3.6 | -5.6 | -4.4 | -1.0 | 4.1 | 10.1 | 13.7 | 6.3 | 4.7 |
| Jan-26* | 3.1 | -5.8 | -5.0 | 0.0 | 3.7 | 9.9 | 10.7 | 3.8 | 4.0 |
*Provisional.
Y-o-Y is calculated over the corresponding financial year of previous year
