Data Alert
Eight core industries growth falls to 5-month low of 2.9% in Feb
This story was originally published at 18:12 IST on 28 March 2025
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--India Feb eight core industries' growth at 2.9% vs 5.1% in Jan
--India Apr-Feb eight core industries' growth 4.4% vs 7.8% year ago
NEW DELHI – The output of India's eight core industries grew 2.9% year-on-year in February, a five-month low, data released Friday by the commerce ministry showed. Core sector growth was 5.1% in January, which was revised higher from the provisional estimate of 4.6%, while the February 2024 print was 7.1%.
For Apr-Feb, core sector growth was 4.4% compared with 7.8% in the corresponding period of 2023-24 (Apr-Mar).
Core sector output likely fell in February because of a lower number of working days during the month. On a sequential basis, the index of core industries was down 6.7% in February, the biggest month-on-month fall since April.
Core industries growth moderated in February because of weaker performance of coal, crude oil, natural gas, and refinery products. Output of the coal sector grew just 1.7% on year in February, a six-month low and below the 4.6% growth seen in Janaury. Growth of petroleum refinery products slumped to 0.8% in February from 8.3% in the previous month.
Crude oil output contracted 5.2% on year, the worst performance in 45 months, while natural gas production fell 6.0% from a year ago in February, the weakest performance since December 2020. The output of crude oil has declined 1.1% on year in January, while natural gas had contracted 1.5%.
Fertilisers sector saw the biggest rise in its output in February, rising to a 22-month high of 10.2% form 3.0% in January.
"All in all, the growth in infrastructure sectors continues to be skewed (since August 2024), led by just three sectors in February 2025," said Paras Jasrai, senior economic analyst at India Ratings & Research.
"The core sector has a weight of 40.27% in the Index of Industrial Production. The modest growth in infrastructure sector output is expected to keep the IIP growth at around 3% yoy in February," Jasrai said. The statistics ministry will release the Index of Industrial Production for the months of February as well as March in April. IIP data for February would be released on Apr. 11.
The following tables give the year-on-year changes in the index of the eight infrastructure in February and Apr-Feb:
| February 2025 | January 2025 | February 2024 | |
| Coal | 1.7% | 4.6% | 11.6% |
| Crude oil | (-)5.2% | (-)1.1% | 7.9% |
| Natural gas | (-)6.0 | (-)1.5% | 11.2% |
| Refinery products | 0.8% | 8.3% | 2.6% |
| Fertilisers | 10.2% | 3.0% | (-)9.5% |
| Steel | 5.6% | 4.7% | 9.4% |
| Cement | 10.5% | 14.6% | 7.8% |
| Electricity | 2.8% | 2.4% | 7.6% |
| Overall | 2.9% | 5.1% | 7.1% |
| Apr-Feb | Apr-Feb | |
| 2024-25 | 2023-24 | |
| Coal | 5.6% | 12.2% |
| Crude oil | (-)2.2% | 0.5% |
| Natural gas | (-)0.1% | 6.1% |
| Refinery products | 3.1% | 3.7% |
| Fertilisers | 2.4% | 4.1% |
| Steel | 6.5% | 13.1% |
| Cement | 5.1% | 8.7% |
| Electricity | 4.9% | 6.9% |
| Overall | 4.4% | 7.8% |
Source: Ministry of Commerce and Industry
End
Reported by Shubham Rana
Edited by Akul Nishant Akhoury
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