New Delhi [India], May 20 : The combined Index of Eight Core Industries (ICI) increased by 0.5 per cent (provisional) in April 2025 as compared to the index in April 2024, the commerce ministry said in a statement Tuesday.
According to reports, it is the lowest in 8 months.
The production of cement, coal, steel, electricity and natural gas recorded positive growth in April 2025.
The Index of Eight Core Industries (ICI) is a key economic indicator in India, measuring the combined and individual performance of eight core industries.
The eight core industries are coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity. The Eight Core Industries comprise 40.27 per cent of the weight of items included in the Index of Industrial Production (IIP).
The final growth rate of the Index of Eight Core Industries for January 2025 was observed at 5.1 per cent. The cumulative growth rate of ICI from April to March, 2024-25 is 4.5 per cent (provisional) as compared to the corresponding period of last year.
The summary of the Index of Eight Core Industries is given below:
Coal - Coal production (weight: 10.33 per cent) increased by 3.5 per cent in April 2025 over April 2024. Its cumulative index increased by 5.1 per cent during April to March, 2024-25 over the corresponding period of the previous year.
Crude Oil - Crude Oil production (weight: 8.98 per cent) declined by 2.8 per cent in April 2025 over April 2024. Its cumulative index declined by 2.2 per cent during April to March, 2024-25 over the corresponding period of the previous year.
Natural Gas - Natural Gas production (weight: 6.88 per cent) increased by 0.4 per cent in April 2025 over April 2024. Its cumulative index declined by 1.2 per cent during April to March, 2024-25 over the corresponding period of the previous year.
Petroleum Refinery Products - Petroleum Refinery production (weight: 28.04 per cent) declined by 4.5 per cent in April 2025 over April, 2024. Its cumulative index increased by 2.8 per cent during April to March, 2024-25 over the corresponding period of the previous year.
Fertilisers - Fertiliser production (weight: 2.63 per cent) declined by 4.2 per cent in April 2025 over April 2024. Its cumulative index increased by 2.9 per cent during April to March, 2024-25 over the corresponding period of the previous year.
Steel - Steel production (weight: 17.92 per cent) increased by 3.0 per cent in April 2025 over April 2024. Its cumulative index increased by 6.9 per cent during April to March, 2024-25 over the corresponding period of the previous year.
Cement - Cement production (weight: 5.37 per cent) increased by 6.7 per cent in April 2025 over April 2024. Its cumulative index increased by 6.3 per cent during April to March, 2024-25 over the corresponding period of the previous year.
Electricity - Electricity generation (weight: 19.85 per cent) increased by 1.0 per cent in April 2025 over April 2024. Its cumulative index increased by 5.2 per cent during April to March, 2024-25 over the corresponding period of the previous year.
Aditi Nayar, Chief Economist, Head - Research and Outreach, ICRA Ltd, "The performance of the core sector deteriorated significantly in April 2025, with the YoY growth slumping to an 8-month low of 0.5 per cent in the month from the upward revised 4.6 per cent in March 2025. The deceleration was broad-based, led by six of the eight sectors barring coal and natural gas."
"Based on the tepid rise in the core sector and the performance of the other available high-frequency indicators, ICRA expects the IIP growth to moderate sharply to 1.0 per cent in April 2025. The healthy growth in non-oil exports may provide an upside, unless the same represents round-tripping of some imports," Nayar added.
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