India's Core Industries Growth Remains Flat in October 2025

The growth of India's eight core industries remained static year-on-year in October 2025, as reported by the Ministry of Commerce and Industry. This index, which represents approximately 40 per cent of the Index of Industrial Production (IIP), recorded no change compared to the same month last year. However, during the April to October 2025-26 period, the growth rate reached a provisional figure of 2.5 per cent, contrasting with a revised growth of 3.3 per cent in September 2025.

During the first seven months of the fiscal year, production figures varied across different sectors. Notably, coal output saw a decline of 2 per cent, crude oil dropped by 1.1 per cent, while natural gas fell by 3.1 per cent compared to the previous year. Electricity generation remained relatively stable, experiencing a minor decrease of 0.1 per cent.

In contrast, significant growth was observed in the production of steel, cement, fertilisers, and petroleum refinery products. Steel production surged by 10.3 per cent during the April to October period, with cement output rising by 7.3 per cent. Fertiliser production reported a modest increase of 0.7 per cent, while refinery products saw a slight rise of 0.4 per cent.

However, the overall performance of the core industries was affected by contractions in the coal, crude oil, natural gas, and electricity sectors. Specifically, coal production experienced a sharp decline of 8.5 per cent in October 2025 compared to October 2024. Similarly, natural gas output decreased by 5 per cent, crude oil production fell by 1.2 per cent, and electricity generation contracted by 7.6 per cent.

Despite these challenges, several sectors recorded positive growth in October 2025. Fertiliser production rose by 7.4 per cent, steel output increased by 6.7 per cent, cement production grew by 5.3 per cent, and petroleum refinery products expanded by 4.6 per cent year-on-year.

The core industries index is a vital indicator of the industrial performance in India, and its next update, covering November 2025, is expected to be released on December 22, 2025.