Core sector slowdown: Core industries index slips to nine-month low of 0.7% in May; crude, gas and electricity drag index despite cement, steel gains
The previous low was recorded in August 2024, when the index had contracted by 1.5%. In April this year, core sector growth had come in at 1%. The eight sectors had expanded by 6.9% in May 2024.
The Index of Eight Core Industries (ICI) — which makes up 40.27% of the Index of Industrial Production (IIP) — was pulled down by contractions in crude oil, natural gas, fertilisers, and electricity. The data was released by the Department for Promotion of Industry and Internal Trade (DPIIT).
During April–May FY26, the combined growth in the eight sectors stood at 0.8%, sharply lower than 6.9% in the same period last year.
Among the individual sectors:
Cement output rose 9.2% YoY in May, while steel production expanded 6.7%
Coal and refinery products grew at 2.8% and 1.1% respectively
Crude oil production contracted 1.8%, natural gas fell 3.6%
Fertiliser output slipped 5.9%, while electricity generation dropped 5.8%
The government will release the full IIP data later next month, which includes manufacturing, mining and electricity indices in addition to the eight core sectors.
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