Government data shows Index of Eight Core Industries (ICI) growth moderates to 4% in January 2026

Key facts

• The Index of Eight Core Industries (ICI) recorded 4% growth in January 2026 against a revised 4.7% in December 2025.
• Steel production rose 9.9% year-on-year in January 2026 and 9.8% during April–January 2025-26.
• Cement output expanded 10.7% in January 2026 and 9.1% during April–January 2025-26.
• Electricity generation increased 3.8% in January 2026 and 0.8% during April–January 2025-26.
• Fertiliser production grew 3.7% in January 2026 and 1.9% during April–January 2025-26.
• Coal output rose 3.1% in January 2026 but declined 0.3% cumulatively during April–January 2025-26.
• Crude oil production declined 5.8% in January 2026 and 2.1% during April–January 2025-26.
• Natural gas output fell 5.0% in January 2026 and 3.4% during April–January 2025-26.
• Petroleum refinery products output remained unchanged in January 2026 and rose 0.1% during April–January 2025-26.
• The ICI carries a 40.27% weight in the Index of Industrial Production (IIP).