Core industries growth accelerates to 7.9% in September, led by iron ore and power
Six of nine sectors expanded, while fertilisers, natural gas and crude oil contracted. First-half growth reached 5.1%, and August’s annual growth rate was revised upwards from 4.8% to 5.9%.
Mining, steelmaking, refining and power infrastructure representing India’s core industries.
NEW DELHI: India’s Index of Core Industries grew 7.9% year-on-year in September 2026, accelerating from August’s revised growth of 5.9%, as iron ore, electricity, coal and refinery products recorded double-digit increases.
The Ministry of Commerce and Industry released the provisional September figures on Wednesday, October 21, alongside the final August index, using the base year 2022–23.
Iron ore production registered the strongest growth at 18.4%, followed by electricity at 11.4%, coal at 10.7% and refinery products at 10.3%. Cement output increased 9.8%, while steel production rose 4.9%.
Three sectors continued to contract. Fertiliser production declined 11.7%, natural gas output fell 4.6% and crude oil production dropped 1.4% compared with September 2025.
DIGITAL INDIA TIMES | ECONOMY
Core industries growth accelerates in September
Year-on-year growth · Provisional
August: 5.9% final | Acceleration: 2.0 percentage points
Six of nine sectors recorded growth.
Sector performance
Year-on-year output growth (%) · September 2026, provisional
| Sector | Change | Growth |
|---|---|---|
| Iron ore | +18.4% | |
| Electricity | +11.4% | |
| Coal | +10.7% | |
| Refinery products | +10.3% | |
| Cement | +9.8% | |
| Steel | +4.9% | |
| Crude oil | −1.4% | |
| Natural gas | −4.6% | |
| Fertilisers | −11.7% |
Bars share a common scale. Negative values extend left of zero; positive values extend right.
First-half growth strengthens
April–September 2026: 5.1% provisional
April–September 2025: 2.5%
August revised upwards
Annual growth: 4.8% → 5.9%
Index level: 119.2 → 120.4
Source: Ministry of Commerce & Industry, 21 October 2026. Base year: 2022–23. Growth rates are year-on-year. September figures are provisional; August figures are final.
Coal recorded a sharp turnaround from the 3.8% contraction reported in August. Iron ore growth accelerated from 5.5%, while refinery products strengthened from 5.6% and steel from 3.5%.
Electricity and cement maintained growth but expanded more slowly than in August, when their respective increases were 13.1% and 11.7%.
The declines in fertilisers, natural gas and crude oil narrowed compared with August, when output had fallen 12.4%, 4.9% and 3.6%, respectively.
Cumulative core industries growth during April–September 2026 stood at a provisional 5.1%, compared with 2.5% in the corresponding period of the previous year.
The ministry identified coal, refinery products, steel and iron ore as major drivers of overall index growth in recent months.
September’s provisional index stood at 118.3. The final August index was revised upwards to 120.4 from the provisional estimate of 119.2, raising August’s year-on-year growth rate from 4.8% to 5.9%.
