**Executive Summary**
This report from the Ministry of Commerce & Industry details the Index of Eight Core Industries (ICI) for November 2025, with a base year of 2011-12=100. The combined ICI increased by 1.8% compared to November 2024, with positive growth in Cement, Steel, Fertilizer, and Coal production. The release of the index for December 2025 is scheduled for January 20, 2026.
**Key Points / Main Content**
* **Overall Index Performance:**
* The combined Index of Eight Core Industries (ICI) increased by 1.8% (provisional) in November 2025 compared to November 2024.
* The cumulative growth rate of the ICI from April to November 2025-26 is 2.4% (provisional) compared to the same period last year.
* The final growth rate for October 2025 was observed at (-) 0.1%.
* **Individual Industry Performance:**
* Coal production increased by 2.1% in November 2025.
* Crude Oil production decreased by 3.2% in November 2025.
* Natural Gas production decreased by 2.5% in November 2025.
* Petroleum Refinery production decreased by 0.9% in November 2025.
* Fertilizer production increased by 5.6% in November 2025.
* Steel production increased by 6.1% in November 2025.
* Cement production increased by 14.5% in November 2025.
* Electricity generation decreased by 2.2% in November 2025.
* **Index Composition and Weight:**
* The Eight Core Industries comprise 40.27% of the weight of items included in the Index of Industrial Production (IIP).
* Industry weights are derived from IIP and adjusted to a combined ICI weight of 100.
* **Data Notes:**
* October 2025 data is final, while November 2025 data is provisional.
* Index numbers are revised/finalized based on updated data from source agencies.
* Electricity generation data includes renewable sources since April 2014.
* A new steel product, Hot Rolled Pickled and Oiled (HRPO), is included under Cold Rolled (CR) coils since March 2019.
**Impact Analysis**
**Key Stakeholders:**
* **Government and Policymakers**
**Impact**
The data provides insights into the performance of core industries, aiding in economic planning and policy decisions.
**Action Required**
Analyze the trends to formulate and adjust industrial policies.
* **Industry Participants**
**Impact**
Provides data points for planning and production
**Action Required**
Compare industry production against market factors, to develop strategy.
* **Investors and Financial Institutions**
**Impact**
The Index offers information for investment decisions related to core industries.
**Action Required**
Assess growth patterns and industry performance to make informed investment choices.
* **Researchers and Economists**
**Impact**
Serves as a source for data analysis of India's economic performance
**Action Required**
Analyze the data to derive insights into industrial trends and their impact on the economy.
Key Entities Referenced
Index of Eight Core Industries (ICI): A composite index measuring the production performance of eight core infrastructure industries in India, which comprise a significant portion of the Index of Industrial Production (IIP).
Index of Industrial Production (IIP): A composite indicator that measures the changes in the volume of production of industrial products during a given period.
Ministry of Commerce & Industry: The Indian government ministry responsible for formulation and implementation of policies for promotion and growth of exports and domestic trade.
Ministry of Commerce & Industry
INDEX OF EIGHT CORE INDUSTRIES (BASE
YEAR: 2011-12=100) FOR NOVEMBER, 2025
प्रव तथ: 22 DEC 2025 5:00PM by PIB Delhi
The combined Index of Eight Core Industries (ICI) increased by 1.8 per cent (provisional) in November,
2025 as compared to the Index in November, 2024. The production of Cement, Steel, Fertilizer and Coal
recorded positive growth in November, 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 October 2025 was observed at (-) 0.1 per cent.
The cumulative growth rate of ICI during April to November, 2025-26 is 2.4 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 2.1 per cent in November, 2025 over
November, 2024. Its cumulative index declined by 1.4 per cent during April to November, 2025-26 over
corresponding period of the previous year.
Crude Oil - Crude Oil production (weight: 8.98 per cent) declined by 3.2 per cent in November, 2025
over November, 2024. Its cumulative index declined by 1.3 per cent during April to November, 2025-26
over corresponding period of the previous year.
Natural Gas - Natural Gas production (weight: 6.88 per cent) declined by 2.5 per cent in November, 2025
over November, 2024. Its cumulative index declined by 3.0 per cent during April to November, 2025-26
over corresponding period of the previous year.
Petroleum Refinery Products - Petroleum Refinery production (weight: 28.04 per cent) declined by 0.9
per cent in November, 2025 over November, 2024. Its cumulative index increased by 0.2 per cent during
April to November, 2025-26 over corresponding period of the previous year.
Fertilizers - Fertilizer production (weight: 2.63 per cent) increased by 5.6 per cent in November, 2025
over November, 2024. Its cumulative index increased by 1.3 per cent during April to November, 2025-26
over corresponding period of the previous year.
Steel - Steel production (weight: 17.92 per cent) increased by 6.1 per cent in November, 2025 over
November, 2024. Its cumulative index increased by 9.7 per cent during April to November, 2025-26 over
corresponding period of the previous year.Cement - Cement production (weight: 5.37 per cent) increased by 14.5 per cent in November, 2025 over
November, 2024. Its cumulative index increased by 8.2 per cent during April to November, 2025-26 over
corresponding period of the previous year.
Electricity - Electricity generation (weight: 19.85 per cent) declined by 2.2 per cent in November, 2025
over November, 2024. Its cumulative index declined by 0.3 per cent during April to November, 2025-26
over corresponding period of the previous year.
Note 1: Data for October, 2025 is Final. Data for November, 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 December, 2025 will be on Tuesday, 20th January, 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 Ov
Oil Gas Products In
Weight 10.33 8.98 6.88 28.04 2.63 17.92 5.37 19.85 10
2012- 103.2 99.4 85.6 107.2 96.7 107.9 107.5 104.0 10
13
2013- 104.2 99.2 74.5 108.6 98.1 115.8 111.5 110.3 10
14
2014- 112.6 98.4 70.5 108.8 99.4 121.7 118.1 126.6 111
15
2015- 118.0 97.0 67.2 114.1 106.4 120.2 123.5 133.8 11
16
2016- 121.8 94.5 66.5 119.7 106.6 133.1 122.0 141.6 12
172017- 124.9 93.7 68.4 125.2 106.6 140.5 129.7 149.2 12
18
2018- 134.1 89.8 69.0 129.1 107.0 147.7 147.0 156.9 13
19
2019- 133.6 84.5 65.1 129.4 109.8 152.6 145.7 158.4 13
20
2020- 131.1 80.1 59.8 114.9 111.6 139.4 130.0 157.6 12
21
2021- 142.3 77.9 71.3 125.1 112.4 163.0 156.9 170.1 13
22
2022- 163.5 76.6 72.4 131.2 125.1 178.1 170.6 185.2 14
23
2023- 182.7 77.1 76.8 135.9 129.8 200.4 185.7 198.3 15
24
2024- 192.0 75.4 75.9 139.7 133.5 214.1 197.4 208.6 16
25
Apr- 172.9 75.2 76.9 137.4 134.0 207.9 184.5 211.9 16
Nov
2024-
25
Apr- 170.5 74.2 74.6 137.7 135.8 228.0 199.7 211.3 16
Nov
2025-
26*
*Provisional
Growth Rates (on Y-o-Y basis in per cent)
Sector Coal Crude Natural Refinery Fertilizers Steel Cement Electricity Ov
Oil Gas Products Gr
Weight 10.33 8.98 6.88 28.04 2.63 17.92 5.37 19.85 10
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.
21
2021- 8.5 -2.6 19.2 8.9 0.7 16.9 20.8 8.0 10
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- 6.4 -2.3 1.1 2.8 1.6 6.7 3.1 5.3 4.4
Nov
2024-
25
Apr- -1.4 -1.3 -3.0 0.2 1.3 9.7 8.2 -0.3 2.4
Nov
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 Ov
Oil Gas Products In
Weight 10.33 8.98 6.88 28.04 2.63 17.92 5.37 19.85 10
Nov-24 199.6 73.9 75.7 138.4 136.2 212.9 177.0 184.1 15
Dec-24 215.1 77.9 78.1 149.1 139.8 221.8 211.7 192.8 16
Jan-25 229.8 77.9 78.1 147.2 139.0 228.1 219.7 201.7 17
Feb-25 215.6 69.7 70.0 133.5 124.9 216.8 215.1 194.0 16
Mar- 260.2 77.4 69.2 147.3 126.9 238.9 246.2 219.5 18
25
Apr-25 179.3 74.2 74.1 131.7 112.9 219.2 204.5 215.7 16
May- 189.8 76.5 75.9 143.3 127.9 225.3 209.0 218.5 17
25
Jun-25 173.7 73.5 73.7 138.6 132.4 223.8 214.7 220.1 16
Jul-25 143.0 75.6 75.5 141.7 141.6 239.1 194.8 228.4 16
Aug- 153.9 77.5 75.7 138.0 143.8 234.6 186.9 221.1 16
25
Sep-25 150.0 71.1 72.9 129.2 137.0 231.0 187.7 213.3 16
Oct-25 170.1 73.7 75.3 141.7 147.0 225.5 196.9 193.4 16
Nov- 203.8 71.5 73.8 137.1 143.8 225.8 202.7 180.1 16
25*
*ProvisionalGrowth Rates (on Y-o-Y basis in per cent)
Sector Coal Crude Natural Refinery Fertilizers Steel Cement Electricity Ov
Oil Gas Products Gr
Weight 10.33 8.98 6.88 28.04 2.63 17.92 5.37 19.85 10
Nov-24 7.5 -2.1 -1.9 2.9 2.0 10.5 13.1 4.4 5.8
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.
Nov- 2.1 -3.2 -2.5 -0.9 5.6 6.1 14.5 -2.2 1.8
25*
*Provisional.
Y-o-Y is calculated over the corresponding financial year of previous year
***
Abhishek Dayal
(रलीज़ आईडी: 2207434) आगंतुक पटल : 1969
इस वज्ञ को इन भाषाओ ंम पढ़: Urdu , ही , Marathi , Tamil