SDG 9: Industry, Innovation and Infrastructure | SDG 8: Decent Work and Economic Growth | SDG 12: Responsible Consumption and Production
Ministry of Commerce and Industry | Office of the Economic Adviser | Ministry of Statistics and Programme Implementation (MoSPI)
The combined Index of Eight Core Industries (ICI) recorded a growth of 1.8% (provisional) in November 2025 compared to November 2024. This reflects a recovery from the revised final growth rate of (-) 0.1% in October 2025, which was a 14-month low. The recovery was primarily driven by robust performances in the Cement (14.5%), Steel (6.1%), and Fertilizer (5.6%) sectors. Coal production also returned to positive territory with a 2.1% increase.
Cumulatively, the core sector grew by 2.4% during the AprilโNovember 2025-26 period. However, the overall index was weighed down by contractions in energy-related sectors, including Crude Oil (-3.2%), Natural Gas (-2.5%), Electricity (-2.2%), and a marginal dip in Petroleum Refinery Products (-0.9%). These eight core industries are critical as they comprise 40.27% of the weight of items included in the Index of Industrial Production (IIP).
What is the โBase Yearโ for the ICI and why is it currently 2011-12? The base year for the Index of Eight Core Industries is 2011-12, which serves as the benchmark period (assigned a value of 100) against which current industrial production is compared. This base year was adopted in 2017 to align the ICI with the updated Index of Industrial Production (IIP) and the National Accounts Statistics. Using 2011-12 ensures the index captures a more modern economic structure, including updated item baskets and production methodologies, while facilitating a direct comparison with other key macroeconomic indicators like GDP.
Policy Relevance
The ICI serves as a high-frequency lead indicator for the broader industrial health of the Indian economy:
Infrastructure Momentum: Continued growth in Steel (9.7% cumulative) and Cement (8.2% cumulative) indicates sustained momentum in national infrastructure projects and urban housing demand.
Energy Security Concerns: Successive declines in Crude Oil and Natural Gas highlight the ongoing challenge of domestic production and increasing reliance on energy imports.
Agricultural Support: Positive growth in Fertilizers (5.6%) is critical for ensuring input availability for the ongoing Rabi season.
Monetary Policy Input: The recovery in core sector growth provides a stable signal to the Reserve Bank of India (RBI) regarding industrial resilience amidst global volatility.
Follow the full report here: INDEX OF EIGHT CORE INDUSTRIES (BASE YEAR: 2011-12=100) FOR NOVEMBER, 2025