Data Alert
India's eight core industries' output falls to 19-mo low in March
This story was originally published at 18:53 IST on 20 April 2026
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--India Mar eight core industries' growth -0.4% vs 2.8% in Feb
--India Apr-Mar eight core industries' growth 2.6% vs 4.5% year ago
--India Mar eight core industries' growth of -0.4% lowest in 19 months
NEW DELHI – The output of India's eight core industries fell to a 19-month low in March because of a fall in production of fertilisers, crude oil, coal, and electricity, data released Monday by the commerce ministry showed. The growth of eight core industries was (-)0.4% last month.
Factory output had grown 4.5% in March 2025 and the February print was revised higher to 2.8% from the provisional estimate of 2.3%.
Sequentially, the index of eight core industries rose 8.7% in March. Core sector output in 2025-26 (Apr-Mar) grew 2.6%, lower than 4.5% in the same period a year ago.
Among the eight sectors, while production in four sectors fell, two sectors--natural gas and refinery products--saw a growth in March from a month ago. On other hand, the growth in the remaining two sectors--steel and cement--was lower than the prints seen in February.
The natural gas sector was the top performer among the eight, with the output increasing 6.4% in March from a decline of 5.0% a month ago. This was the first time in 21 months when the sector's output was up, possibly because of the government's directive to ramp up domestic production following the severe fuel and gas shortage due to the war in West Asia.
India is currently facing the worst energy crisis in decades following the closure of the strategically important Strait of Hormuz. The narrow waterway was shut by Tehran after Israel and the US launched joint military strikes on Iran on Feb. 28.
The growth in the cement sector's output was 4.0% on year in March, down from 8.9% growth a month ago. At 4.0%, the cement sector's output was the weakest in 17 months. The output of steel sector grew 2.2% on year in March, slower than the 7.6% growth in February. This was also the weakest in 18 months.
The output of crude oil fell year-on-year for the seventh consecutive month in March. Crude oil output fell 5.7% on year in March.
In March, the production in the fertiliser sector was the worst hit among the eight core industries. The fertiliser sector output growth fell 24.6% on year last month, compared with a 3.4% growth in February. The fall in the fertiliser sector output in March was the worst in the current series which has data since April 2012.
The coal and electricity sectors output also declined to 4.0% and 0.5% on year in March, respectively. The production of coal and electricity sectors had grown 2.3?ch in February, as per the revised print.
Based on the eight core sector output growth in March, and the adverse impact of the surge in energy prices and constrained availability of raw materials, the Index of Industrial Production growth for the month could moderate to around 1.0-2.0% as against 5.2% a month ago, according to Aditi Nayar, chief economist at ICRA. The eight core industries have a combined weight of 40.3% in the IIP.
The following tables give the year-on-year changes in the index of the eight infrastructure sectors in March:
| March 2026 | February 2026 | March 2025 | |
| Coal | (-)4.0% | 2.30% | 1.60% |
| Crude oil | (-)5.7% | (-)5.2% | (-)1.9% |
| Natural gas | 6.40% | (-)5.0% | (-)12.7% |
| Refinery products | 0.10% | (-)1.0% | 0.20% |
| Fertilisers | (-)24.6% | 3.40% | 8.80% |
| Steel | 2.20% | 7.60% | 8.70% |
| Cement | 4.00% | 8.90% | 12.20% |
| Electricity | (-)0.5% | 2.30% | 7.50% |
| Overall | (-)0.4% | 2.80% | 4.50% |
|
2025-26 (Apr-Mar) |
2024-25 (Apr-Mar) |
|
| Coal | (-)0.5% | 5.10% |
| Crude oil | (-)2.8% | (-)2.2% |
| Natural gas | (-)2.8% | (-)1.2% |
| Refinery products | (-)0.1% | 2.80% |
| Fertilisers | (-)0.1% | 2.90% |
| Steel | 9.10% | 6.80% |
| Cement | 8.60% | 6.30% |
| Electricity | 0.90% | 5.20% |
| Overall | 2.60% | 4.50% |
End
Reported by Shweta
Edited by Akul Nishant Akhoury
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