Data Alert
Jan eight core industries' growth falls to 4% from 4.7% in Dec
This story was originally published at 18:08 IST on 20 February 2026
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--India Apr-Jan eight core industries' growth 2.8% vs 4.5% year ago
--India Jan eight core industries' growth 4.0% vs 4.7% in Dec
--India Jan eight core industries' growth 4.0%
NEW DELHI – The output of India's eight core industries grew 4.0% on year in January, slower than the four-month high pace of 4.7% in December, data released Friday by the commerce ministry showed. The lower growth in core industries output was owing to crude oil, and natural gas sectors.
Factory output had grown 5.1% in January 2025 and the December print was revised higher to 4.7% from the provisional estimate of 3.7%. Sequentially, the index of eight core industries rose 2% in Janaury. Core sector output has grown 2.8% in Apr-Jan, lower than 4.5% in the same period a year ago.
The output of crude oil fell year-on-year for the fifth consecutive month in January, while natural gas production was down for the ninteenth month in a row. Crude oil output fell 5.8% on year in January, the biggest fall since May 2021. Natural gas production fell 5.0% in December against a contraction of 4.4% in December.
Six of the eight core industries saw higher production growth in January compared with December. The output of cement sector saw the highest on-year growth last month at 10.7%, but it was lower than the 13.7% rise in December.
Steel sector output grew 9.9% on year in January, lower than 10.1% rise in the previous month. Electricity sector output rose 3.8% last month compared with a 6.3% growth in December.
Given the trend in core output, the Index of Industrial Production growth is likely to slow down in January, although the growth in the "non-core" part of the IIP is expected to continue to outperform the core industries output, economists at ICRA Ltd. said. "Consequently, ICRA expects IIP growth to ease to ~5.5% in January 2026 from 7.8% in December 2025, while printing higher than the growth in core output in the month," Aditi Nayar, chief economist, ICRA said.
The following tables give the year-on-year changes in the index of the eight infrastructure sectors in January:
| January 2026 | December 2025 | January 2025 |
|
| Coal | 3.1% | 3.6% | 4.6% |
| Crude oil | (-)5.8% | (-)5.6% | (-)1.1% |
| Natural gas | (-5.0)% | (-)4.4% | (-)1.5% |
| Refinery products | 0.0% | (-)1.0% | 8.3% |
| Fertilisers | 3.7% | 4.1% | 3.0% |
| Steel | 9.9% | 10.1% | 4.7% |
| Cement | 10.7% | 13.7% | 14.3% |
| Electricity | 3.8% | 6.3% | 2.3% |
| Overall | 4.0% | 4.7% | 5.1% |
| Apr-Jan 2025-26 |
Apr-Jan 2024-25 |
|
| Coal | 6.0% | 5.1% |
| Crude oil | (-)2.1% | (-)2.2% |
| Natural gas | 0.5% | (-)1.2% |
| Refinery products | 3.3% | 2.8% |
| Fertilisers | 1.7% | 2.9% |
| Steel | 6.6% | 6.8% |
| Cement | 5.1% | 6.3% |
| Electricity | 5.1% | 5.2% |
| Overall | 2.8% | 4.5% |
Source: Ministry of Commerce and Industry
End
Reported by Priyasmita Dutta
Edited by Akul Nishant Akhoury
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