New Delhi [India]: India’s Index of Eight Core Industries (ICI) recorded a 3.8% growth in March 2025 over the same month in 2024, according to data released by the Ministry of Commerce and Industry. This rise was mainly driven by strong performances in cement, steel, fertilisers, electricity, coal, and refinery products.
The Eight Core Industries (ECI) — coal, crude oil, natural gas, refinery products, fertilisers, steel, cement, and electricity — collectively account for 40.27% of the total weight of items in the Index of Industrial Production (IIP), making them a key indicator of industrial and economic health.
Cumulative Growth (April 2024 – March 2025):
The overall ICI growth for FY 2024–25 stood at 4.4% (provisional), reflecting steady momentum in India’s core industrial sectors.
Industry-wise Performance in March 2025:
- 📈 Cement:
Growth: +11.6%
Cumulative: +6.3%
Cement led the index with double-digit growth, indicating strong demand from the construction and infrastructure sectors. - 📈 Steel:
Growth: +7.1%
Cumulative: +6.7%
A solid uptick, suggesting robust performance in manufacturing and construction. - 📈 Fertilisers:
Growth: +8.8%
Cumulative: +2.9%
Reflecting seasonal agricultural demand and increased production efforts. - ⚡ Electricity:
Growth: +6.2%
Cumulative: +5.1%
Rising power consumption across sectors drove up electricity generation. - 🪨 Coal:
Growth: +1.6%
Cumulative: +5.1%
Reflecting steady demand from power and industrial sectors. - 🏭 Refinery Products:
Growth: +0.2%
Cumulative: +2.8%
Modest growth reflecting stable downstream energy demand. - 📉 Crude Oil:
Growth: -1.9%
Cumulative: -2.2%
Continued underperformance due to production and investment constraints. - 📉 Natural Gas:
Growth: -12.7%
Cumulative: -1.2%
A sharp monthly drop, possibly due to lower extraction and demand.
Outlook:
The March 2025 figures show positive momentum in India’s core industrial sectors, with cement and steel signaling rising infrastructure and construction activity. However, declines in crude oil and natural gas highlight challenges in the energy extraction segment.
The government and industry stakeholders will be closely monitoring these trends as they continue to shape economic and policy decisions heading into FY 2025–26.