What Happened
India's Index of Core Industries (ICI) recorded a provisional year-on-year growth of 5.4 percent in July 2026. This growth marks a deceleration compared to the 6.0 percent growth registered in June 2026, according to the Ministry of Commerce & Industry's provisional estimates.
The final Index for June 2026 was revised upwards from an initial provisional estimate of 119.6 to 120.7, subsequently revising its year-on-year growth rate from 5.0 percent to 6.0 percent.
Key Facts
- The Index of Core Industries (ICI) grew by 5.4 percent year-on-year in July 2026 (provisional estimate).
- This compares to a revised growth rate of 6.0 percent in June 2026.
- Key sectors showing year-on-year growth in July 2026 include Iron Ore (29.5 percent), Cement (13.1 percent), Electricity (9 percent), Coal (7.6 percent), Steel (2.9 percent), and Refinery Products (2.7 percent).
- Natural Gas, Crude Oil, and Fertilizers recorded negative growth in July 2026.
- Iron Ore, Electricity, and Cement have been the primary contributors to overall ICI growth in recent months.
- The cumulative growth rate for the ICI from April to July 2026 was 4.3 percent (provisional estimate), up from 1.5 percent in the corresponding period of the previous year.
- The base year for the ICI calculation is 2022-23.
Why It Matters
The provisional estimates offer an early indication of performance across key industrial sectors. A moderation in the year-on-year growth rate from June to July indicates a shift in the pace of expansion for these foundational industries.
What To Watch
The Ministry of Commerce & Industry plans to release the ICI for August 2026 on September 21, 2026, which will provide further insight into the core industries' trajectory.