India’s nine-sector core industry index grew 7.9% year over year in September, the fastest rate in the ministry’s 13-month comparison, as iron ore, electricity and coal posted increases.
The Ministry of Commerce and Industry said the September figure was provisional. August’s finalized annual growth rate was 5.9%, revised upward from an initial 4.8%. The September rate was the quickest in the ministry’s comparison covering the 13 months through that month.
Iron ore output led the sectors, rising 18.4% from a year earlier. Electricity increased 11.4% and coal 10.7%; refinery products grew 10.3%, cement 9.8% and steel 4.9%. The ministry has named coal, refinery products, steel and iron ore as major contributors to overall index growth in recent months.
Three industries contracted. Fertilizer production dropped 11.7%, natural gas output fell 4.6% and crude oil declined 1.4%. The ministry’s release did not give a reason for the fertilizer decrease.
The index reading was 118.3 in September, down from 120.4 in August. September’s level was above its year-earlier reading of 109.6, illustrating the difference between the index level and its annual growth rate.
Across April through September 2026, the index’s provisional increase was 5.1%. It rose 2.5% in the comparable six-month period a year earlier.
The current measure uses 2022–23 as its base year and covers nine industries, with iron ore added to the previous eight-industry basket. The revised methodology uses gross production data for steel and counts raw coal alone in the coal component.
Mint reported that Aditi Nayar, chief economist at Icra Ltd., said a low comparison base supported annual gains in coal and iron ore. Nayar also pointed to a strong increase in coal output from August amid low stocks at power plants.
The ministry has scheduled the October index release for Nov. 20, 2026.
