**Executive Summary**
This report from the Ministry of Commerce & Industry provides the Index of Eight Core Industries (ICI) for December 2025, with a base year of 2011-12=100. The combined ICI increased by 3.7% compared to December 2024. The next release, covering January 2026, is scheduled for February 20, 2026.
**Key Points / Main Content**
* **Overall Performance:**
* The combined Index of Eight Core Industries (ICI) increased by 3.7% (provisional) in December 2025 compared to December 2024.
* The cumulative growth rate of ICI during April to December 2025-26 is 2.6% (provisional).
* The final growth rate for November 2025 was observed at 2.1%.
* Cement, Steel, Electricity, Fertilizer and Coal recorded positive growth in December, 2025.
* **Individual Industry Performance (December 2025 vs December 2024):**
* **Coal:** Production increased by 3.6%; cumulative index declined by 0.7%.
* **Crude Oil:** Production declined by 5.6%; cumulative index declined by 1.9%.
* **Natural Gas:** Production declined by 4.4%; cumulative index declined by 3.2%.
* **Petroleum Refinery Products:** Production declined by 1.0%; cumulative index increased by 0.1%.
* **Fertilizers:** Production increased by 4.1%; cumulative index increased by 1.7%.
* **Steel:** Production increased by 6.9%; cumulative index increased by 9.5%.
* **Cement:** Production increased by 13.5%; cumulative index increased by 8.8%.
* **Electricity:** Generation increased by 5.3%; cumulative index increased by 0.3%.
* **Data Notes:**
* Data for November 2025 is final; data for December 2025 is provisional.
* Electricity generation data since April 2014 includes renewable sources.
* Since March 2019, a new steel product called Hot Rolled Pickled and Oiled (HRPO) is included in the item ‘Cold Rolled (CR) coils’.
**Impact Analysis**
**Government and Policymakers:**
* **Impact:** The data provides insights into the performance of core industries, informing policy decisions related to industrial production, infrastructure, and economic growth.
* **Action Required:** Analyze the trends and address any areas of concern to promote growth in the core industries.
**Industry Stakeholders (e.g., Coal, Oil, Gas, Refinery, Fertilizer, Steel, Cement, and Electricity Companies):**
* **Impact:** The report offers a benchmark for their performance compared to the national average and previous periods.
* **Action Required:** Review the data and adjust production and investment strategies accordingly.
**Investors and Financial Institutions:**
* **Impact:** The index provides a gauge for investment decisions related to the core industries sector.
* **Action Required:** Use the data to assess the potential risks and rewards of investing in specific core industries.
**General Public:**
* **Impact:** This provides insights into the health and growth of the Indian Economy.
* **Action Required:** No action is needed.
Key Entities Referenced
Index of Eight Core Industries (ICI): A combined index measuring the production performance of eight core industries in India.
Ministry of Commerce & Industry: The ministry responsible for the Index of Eight Core Industries
Index of Industrial Production (IIP): A broader index to which the Eight Core Industries contribute; industry-wise weights for the ICI are derived from the IIP.
Ministry of Commerce & Industry
INDEX OF EIGHT CORE INDUSTRIES (BASE
YEAR: 2011-12=100) FOR DECEMBER, 2025
प्रव तथ: 20 JAN 2026 5:00PM by PIB Delhi
The combined Index of Eight Core Industries (ICI) increased by 3.7 per cent (provisional) in
December, 2025 as compared to the Index in December, 2024. The production of Cement, Steel,
Electricity, Fertilizer and Coal recorded positive growth in December, 2025. The details of annual
indices, monthly indices and growth rates are provided at Annex I and Annex II.
The ICI measures the combined and individual performance of production of eight core industries
viz. Coal, Crude Oil, Natural Gas, Refinery Products, Fertilizers, Steel, Cement and Electricity. The
Eight Core Industries comprise 40.27 percent of the weight of items included in the Index of
Industrial Production (IIP).
The final growth rate of Index of Eight Core Industries for November 2025 was observed at 2.1 per
cent. The cumulative growth rate of ICI during April to December, 2025-26 is 2.6 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 3.6 per cent in December, 2025 over
December, 2024. Its cumulative index declined by 0.7 per cent during April to December, 2025-26
over corresponding period of the previous year.
Crude Oil - Crude Oil production (weight: 8.98 per cent) declined by 5.6 per cent in December, 2025
over December, 2024. Its cumulative index declined by 1.9 per cent during April to December, 2025-
26 over corresponding period of the previous year.
Natural Gas - Natural Gas production (weight: 6.88 per cent) declined by 4.4 per cent in December,
2025 over December, 2024. Its cumulative index declined by 3.2 per cent during April to December,
2025-26 over corresponding period of the previous year.
Petroleum Refinery Products - Petroleum Refinery production (weight: 28.04 per cent) declined by
1.0 per cent in December, 2025 over December, 2024. Its cumulative index increased by 0.1 per cent
during April to December, 2025-26 over corresponding period of the previous year.
Fertilizers - Fertilizer production (weight: 2.63 per cent) increased by 4.1 per cent in December, 2025
over December, 2024. Its cumulative index increased by 1.7 per cent during April to December, 2025-
26 over corresponding period of the previous year.
Steel - Steel production (weight: 17.92 per cent) increased by 6.9 per cent in December, 2025 over
December, 2024. Its cumulative index increased by 9.5 per cent during April to December, 2025-26
over corresponding period of the previous year.Cement - Cement production (weight: 5.37 per cent) increased by 13.5 per cent in December, 2025
over December, 2024. Its cumulative index increased by 8.8 per cent during April to December, 2025-
26 over corresponding period of the previous year.
Electricity - Electricity generation (weight: 19.85 per cent) increased by 5.3 per cent in December,
2025 over December, 2024. Its cumulative index increased by 0.3 per cent during April to December,
2025-26 over corresponding period of the previous year.
Note 1: Data for November, 2025 is Final. Data for December, 2025 is Provisional. Index numbers of
Core Industries are revised/finalized as per updated data from source agencies.
Note 2: Since April 2014, Electricity generation data from Renewable sources are also included.
Note 3: The industry-wise weights indicated above are individual industry weights derived from IIP
and blown up on pro rata basis to a combined weight of ICI equal to 100.
Note 4: Since March 2019, a new steel product called Hot Rolled Pickled and Oiled (HRPO) under
the item ‘Cold Rolled (CR) coils’ within the production of finished steel has also been included.
Note 5: Release of the index for January, 2026 will be on Friday, 20th February, 2026.
Annex I
Performance of Eight Core Industries
Yearly Index & Growth Rate
Base Year: 2011-12=100
Index
Sector Coal Crude Natural Refinery Fertilizers Steel Cement Electricity Overall
Oil Gas Products Index
Weight 10.33 8.98 6.88 28.04 2.63 17.92 5.37 19.85 100.00
2012- 103.2 99.4 85.6 107.2 96.7 107.9 107.5 104.0 103.8
13
2013- 104.2 99.2 74.5 108.6 98.1 115.8 111.5 110.3 106.5
14
2014- 112.6 98.4 70.5 108.8 99.4 121.7 118.1 126.6 111.7
15
2015- 118.0 97.0 67.2 114.1 106.4 120.2 123.5 133.8 115.1
16
2016- 121.8 94.5 66.5 119.7 106.6 133.1 122.0 141.6 120.5
172017- 124.9 93.7 68.4 125.2 106.6 140.5 129.7 149.2 125.7
18
2018- 134.1 89.8 69.0 129.1 107.0 147.7 147.0 156.9 131.2
19
2019- 133.6 84.5 65.1 129.4 109.8 152.6 145.7 158.4 131.6
20
2020- 131.1 80.1 59.8 114.9 111.6 139.4 130.0 157.6 123.2
21
2021- 142.3 77.9 71.3 125.1 112.4 163.0 156.9 170.1 136.1
22
2022- 163.5 76.6 72.4 131.2 125.1 178.1 170.6 185.2 146.7
23
2023- 182.7 77.1 76.8 135.9 129.8 200.4 185.7 198.3 157.8
24
2024- 192.0 75.4 75.9 139.7 133.5 214.1 197.4 208.6 164.9
25
Apr- 177.6 75.5 77.1 138.7 134.6 209.4 187.6 209.8 162.1
Dec
2024-
25
Apr- 176.3 74.1 74.6 138.8 136.9 229.2 204.2 210.5 166.3
Dec
2025-
26*
*Provisional
Growth Rates (on Y-o-Y basis in per cent)
Sector Coal Crude Natural Refinery Fertilizers Steel Cement Electricity Overall
Oil Gas Products Growth
Weight 10.33 8.98 6.88 28.04 2.63 17.92 5.37 19.85 100.00
2012- 3.2 -0.6 -14.4 7.2 -3.3 7.9 7.5 4.0 3.8
132013- 1.0 -0.2 -12.9 1.4 1.5 7.3 3.7 6.1 2.6
14
2014- 8.0 -0.9 -5.3 0.2 1.3 5.1 5.9 14.8 4.9
15
2015- 4.8 -1.4 -4.7 4.9 7.0 -1.3 4.6 5.7 3.0
16
2016- 3.2 -2.5 -1.0 4.9 0.2 10.7 -1.2 5.8 4.8
17
2017- 2.6 -0.9 2.9 4.6 0.03 5.6 6.3 5.3 4.3
18
2018- 7.4 -4.1 0.8 3.1 0.3 5.1 13.3 5.2 4.4
19
2019- -0.4 -5.9 -5.6 0.2 2.7 3.4 -0.9 0.9 0.4
20
2020- -1.9 -5.2 -8.2 -11.2 1.7 -8.7 -10.8 -0.5 -6.4
21
2021- 8.5 -2.6 19.2 8.9 0.7 16.9 20.8 8.0 10.4
22
2022- 14.8 -1.7 1.6 4.8 11.3 9.3 8.7 8.9 7.8
23
2023- 11.8 0.6 6.1 3.6 3.7 12.5 8.9 7.1 7.6
24
2024- 5.1 -2.2 -1.2 2.8 2.9 6.8 6.3 5.2 4.5
25
Apr- 6.2 -2.1 0.8 2.7 1.6 6.8 4.0 5.4 4.5
Dec
2024-
25
Apr- -0.7 -1.9 -3.2 0.1 1.7 9.5 8.8 0.3 2.6
Dec
2025-
26**Provisional.
Y-o-Y is calculated over the corresponding financial year of previous year
Annex II
Performance of Eight Core Industries
Monthly Index & Growth Rate
Base Year: 2011-12=100
Index
Sector Coal Crude Natural Refinery Fertilizers Steel Cement Electricity Overall
Oil Gas Products Index
Weight 10.33 8.98 6.88 28.04 2.63 17.92 5.37 19.85 100.00
Dec-24 215.1 77.9 78.1 149.1 139.8 221.8 211.7 192.8 169.4
Jan-25 229.8 77.9 78.1 147.2 139.0 228.1 219.7 201.7 173.8
Feb-25 215.6 69.7 70.0 133.5 124.9 216.8 215.1 194.0 163.0
Mar- 260.2 77.4 69.2 147.3 126.9 238.9 246.2 219.5 182.9
25
Apr-25 179.3 74.2 74.1 131.7 112.9 219.2 204.5 215.7 163.3
May- 189.8 76.5 75.9 143.3 127.9 225.3 209.0 218.5 170.2
25
Jun-25 173.7 73.5 73.7 138.6 132.4 223.8 214.7 220.1 167.3
Jul-25 143.0 75.6 75.5 141.7 141.6 239.1 194.8 228.4 168.9
Aug- 153.9 77.5 75.7 138.0 143.8 234.6 186.9 221.1 166.5
25
Sep-25 150.0 71.1 72.9 129.2 137.0 231.0 187.7 213.3 160.5
Oct-25 170.1 73.7 75.3 141.7 147.0 225.5 196.9 193.4 162.3
Nov-25 203.8 71.5 73.8 137.1 143.8 227.2 202.8 181.3 162.4Dec- 222.8 73.5 74.7 147.6 145.5 237.0 240.2 203.1 175.7
25*
*Provisional
Growth Rates (on Y-o-Y basis in per cent)
Sector Coal Crude Natural Refinery Fertilizers Steel Cement Electricity Overall
Oil Gas Products Growth
Weight 10.33 8.98 6.88 28.04 2.63 17.92 5.37 19.85 100.00
Dec-24 5.3 0.6 -1.8 2.8 1.7 7.3 10.3 6.2 5.1
Jan-25 4.6 -1.1 -1.5 8.3 3.0 4.7 14.3 2.3 5.1
Feb-25 1.7 -5.2 -6.0 0.8 10.2 6.9 10.7 3.6 3.4
Mar- 1.6 -1.9 -12.7 0.2 8.8 8.7 12.2 7.5 4.5
25
Apr-25 3.5 -2.8 -0.9 -4.5 -4.2 4.4 6.3 1.7 1.0
May- 2.8 -1.8 -3.6 1.1 -5.9 7.4 9.7 -4.7 1.2
25
Jun-25 -6.8 -1.2 -2.8 3.4 -1.2 9.7 8.2 -1.2 2.2
Jul-25 -12.3 -1.3 -3.2 -1.1 2.0 16.6 11.6 3.7 3.7
Aug- 11.4 2.4 -2.2 3.0 4.6 13.6 5.4 4.1 6.5
25
Sep-25 -1.2 -1.3 -3.8 -3.7 1.6 14.4 5.0 3.1 3.3
Oct-25 -8.5 -1.2 -5.0 4.6 7.4 5.9 5.2 -6.9 -0.1
Nov-25 2.1 -3.2 -2.5 -0.9 5.6 6.7 14.6 -1.5 2.1
Dec- 3.6 -5.6 -4.4 -1.0 4.1 6.9 13.5 5.3 3.7
25*
*Provisional.
Y-o-Y is calculated over the corresponding financial year of previous year
***Abhishek Dayal/ Abhijith Narayanan
(रलीज़ आईडी: 2216458) आगंतुक पटल : 620
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