Read or download the official PDF of this gazette notification issued by the Ministry of Commerce and Industry on 20th August 2026. Classified under Press Release.
Executive Summary
The Ministry of Commerce & Industry has released the provisional Index of Core Industries (ICI) for July 2026, showing a growth rate of 5.4% compared to July 2025. Cumulative growth for the period of April-July 2026 stands at 4.3%, a significant increase from the 1.5% recorded in the previous year. The ICI for August 2026 is scheduled for release on Monday, 21st September 2026.
Key Points / Main Content
Performance Highlights
The ICI grew by 5.4% in July 2026, slightly lower than the revised 6.0% growth rate recorded in June 2026.
The cumulative growth rate for the financial year (April-July 2026) reached 4.3% according to provisional estimates.
The base year for these calculations is 2022-23.
Sectoral Growth and Drivers
Positive growth was observed in six sectors: Iron Ore (29.5%), Cement (13.1%), Electricity (9%), Coal (7.6%), Steel (2.9%), and Refinery Products (2.7%).
Iron Ore, Electricity, and Cement were identified as the primary drivers of overall growth in recent months.
Three sectors witnessed negative growth in July 2026: Natural Gas, Crude Oil, and Fertilizers.
Data Revisions and Reporting
The June 2026 final index was revised upward to 120.7 from the provisional estimate of 119.6.
The year-on-year growth rate for June 2026 was consequently adjusted from 5.0% to 6.0%.
Provisional indices are released on the 20th of every month (or the next working day).
Impact Analysis
Ministry of Commerce & Industry / Office of Economic Adviser (OEA)Impact
The department is responsible for the accuracy of industrial growth data and the maintenance of the historical database.
Action Required
Maintain the updated ICI data on the official web portal and prepare for the release of August 2026 data on 21st September 2026.
Core Industry Sectors (Iron Ore, Cement, Electricity, etc.)Impact
Individual sectors are benchmarked against these indices, with Iron Ore showing the highest growth and Fertilizers showing the steepest decline (-8.0% in July).
Action Required
Sector leads must analyze these growth trends to assess industrial health and production efficiency relative to the 2022-23 base year.
Economic Analysts and Policy MakersImpact
The data provides a critical measure of industrial activity, showing a cumulative improvement in growth (4.3%) compared to the prior year (1.5%).
Action Required
Utilize the revised June figures and provisional July data to forecast industrial production trends and adjust economic policy as necessary.
Key Entities Referenced
Index of Core Industries (ICI): A production volume index that measures the collective and individual performance of eight core sectors: Coal, Crude Oil, Natural Gas, Refinery Products, Fertilizers, Steel, Cement, and Electricity.
Ministry of Commerce & Industry: The primary government ministry responsible for the formulation and release of industrial growth estimates and core sector performance data.
Office of the Economic Adviser (OEA): The specific office within the Ministry of Commerce & Industry that maintains the official data portal and historical records for the Index of Core Industries.
Ministry of Commerce & Industry
PROVISIONAL ESTIMATES OF INDEX OF CORE
INDUSTRIES FOR THE MONTH OF JULY 2026,
AND FINAL INDEX FOR THE MONTH OF JUNE
2026 WITH BASE YEAR 2022-23
Provisional Estimates of Index of Core Industries for the
month of July 2026 (Base Year 2022-23)
प्रव तथ: 20 AUG 2026 5:00PM by PIB Delhi
Key highlights of ICI for the month of July 2026
i. The Index of Core Industries (ICI) grew by 5.4 per cent in July 2026 (Provisional Estimate) on a
year-on-year basis, compared with July 2025. This is slightly less than the growth rate of 6.0 per
cent recorded in June 2026 (Final Index).
ii. Iron Ore, Cement, Electricity, Coal, Steel, and Refinery Products observed (Y-o-Y) growth rate of
29.5 per cent, 13.1 per cent, 9 per cent, 7.6 per cent, 2.9 per cent, and 2.7 per cent, respectively,
whereas Natural Gas, Crude Oil, and Fertilizers witnessed negative growth in July 2026.
iii. Iron Ore, Electricity, and Cement have been the major drivers of overall growth of ICI during recent
months.
iv. Cumulative growth rate of ICI during April-July 2026 was 4.3 per cent (Provisional Estimate)
compared to 1.5 per cent in the corresponding period of the previous year.
v. The charts (1 to 4) below show trend in ICI and its growth rate for the last 13 months, industry-wise
indices and growth rates for June and July 2026, and sector-wise contribution to overall ICI growth
in July 2026.
Chart 1: ICI and growth rate(P)-Provisional
Chart 2: Sector-wise index in June and July 2026
(P)-Provisional
Chart 3: Sector-wise growth rate in June and July 2026(P)-Provisional
Chart 4: Sector-wise contribution to growth
(P)-Provisional
1. The final index for the month of June 2026 has been revised from 119.6 (Provisional Estimate) to
120.7. Accordingly, YoY growth rate has been revised from 5.0 per cent to 6.0 per cent.
2. Index of Core Industries, and Year-on-Year (YoY) growth rate for the last 13 months is given at
Annexure-I and Annexure-II. ICI for the months of April 2023 onward have been placed on the web
portal of OEA at web link (https://eaindustry.nic.in/ici_download_data.asp).
3. Annual and Cumulative Index and YoY growth rate is given at Annexure-III and Annexure-IV.
4. Release Schedule: Provisional index of ICI for a reference month will be released on the 20th of the
following month (if it is a working day, else on next working day). Accordingly, The ICI for the
month of August 2026 will be released on Monday, 21st September 2026.
Annexure-I
Table 1: Index of Core Industries for last 13 months
Sector Coal Natural Crude Refinery Fertilizers Steel Cement Electricity Iron
Gas Oil Products Ore
Weight 5.596 3.841 7.43 22.572 2.731 17.584 4.41 30.932 4.905
Jul-25 87.2 104.4 99.3 108.3 113.1 137.0 114.2 123.3 80.9
Aug-25 93.3 104.6 98.2 105.7 114.9 135.9 109.6 119.4 91.1
Sep-25 91.5 100.7 93.3 99.0 109.5 133.0 110.1 115.2 91.5
Oct-25 104.1 103.9 96.6 108.9 117.5 131.7 115.4 104.4 115.7Nov-25 124.6 102.1 93.9 105.1 114.9 131.3 119.0 97.9 134.6
Dec-25 136.5 103.2 96.5 113.1 116.3 141.4 141.2 110.6 146.5
Jan-26 141.5 102.5 96.2 112.5 115.2 148.1 143.3 114.5 146.7
Feb-26 133.9 91.9 86.7 101.2 103.3 134.7 137.6 107.1 137.3
Mar-26 152.9 101.2 95.7 113.1 76.5 149.2 151.1 119.5 160.6
Apr-26 99.8 98.0 93.4 100.6 82.5 134.3 129.5 122.9 137.1
May- 105.0 99.6 95.8 100.3 101.2 137.5 132.5 131.2 148.5
26
Jun-26 107.6 97.0 92.5 101.5 102.3 136.8 138.4 132.3 148.7
Jul-26 93.8 100.5 94.0 111.2 104.0 141.0 129.2 134.4 104.8
(P)
Data for July 2026 is Provisional
Annexure-II
Table 2: YoY growth rate of ICI for last 13 months
Sector Coal Natural Crude Refinery Fertilizers Steel Cement Electricity Iron
Gas Oil Products Ore
Weight 5.596 3.841 7.43 22.572 2.731 17.584 4.41 30.932 4.905
Jul-25 -12.3 -3.3 -0.8 -1.4 1.9 15.7 11.1 3.7 -7.1
Aug-25 10.8 -2.2 -0.7 3.4 4.5 15.3 5.4 4.2 7.9
Sep-25 -1.1 -3.7 -0.7 -3.2 1.7 14.3 5.1 3.1 0.8
Oct-25 -8.4 -5.2 -0.8 5.3 7.4 9.5 5.2 -7.0 8.7
Nov-25 2.2 -2.5 -2.6 -0.2 5.5 11.6 15.1 -1.5 19.3
Dec-25 3.7 -4.4 -5.1 -0.3 4.1 11.1 14.0 6.2 22.3
Jan-26 0.9 -4.9 -5.4 0.4 3.7 13.8 11.3 5.1 12.8
Feb-26 1.4 -5.0 -4.8 -0.4 3.5 9.9 9.1 2.3 8.5Mar-26 -4.0 -3.7 -5.3 0.9 -24.6 9.6 4.7 0.8 33.3
Apr-26 -9.0 -4.2 -3.2 -0.2 -8.5 4.7 8.3 5.5 12.5
May- -9.5 -5.0 -4.2 -8.2 -1.0 5.1 8.4 11.2 19.0
26
Jun-26 1.4 -4.8 -4.2 -4.0 -3.3 5.6 9.9 11.4 44.5
Jul-26 7.6 -3.7 -5.3 2.7 -8.0 2.9 13.1 9.0 29.5
(P)
Data for July 2026 is Provisional
Annexure-III
Table 3: Annual and Cumulative Index of Core Industries
Sector Coal Natural Crude Refinery Fertilizers Steel Cement Electricity Iron
Gas Oil Products Ore
Weight 5.596 3.841 7.43 22.572 2.731 17.584 4.41 30.932 4.905
2023- 111.7 106.1 100.6 103.6 103.7 113.6 108.9 107.1 107.3
24
2024- 117.3 105.7 98.4 106.5 106.7 121.8 115.9 112.6 112.2
25
2025- 116.4 102.0 95.8 106.9 106.6 135.9 125.8 113.8 121.2
26
Apr- 104.8 103.4 98.1 106.0 102.8 131.4 120.5 119.2 107.6
July 25
Apr- 101.6 98.8 93.9 103.4 97.5 137.4 132.4 130.2 134.8
July 26
Data for Apr-July 2026 is Provisional
Annexure-IV
Table 3: YoY growth rate of Annual and Cumulative Index of Core Industries
Sector Coal Natural Crude Refinery Fertilizers Steel Cement Electricity Iron
Gas Oil Products OreWeight 5.596 3.841 7.43 22.572 2.731 17.584 4.41 30.932 4.905
2024- 5.0 -0.3 -2.2 2.8 2.9 7.3 6.4 5.2 4.6
25
2025- -0.7 -3.6 -2.7 0.4 -0.1 11.6 8.5 1.0 8.0
26
Apr- -3.0 -2.9 -1.5 -0.3 -2.3 11.0 8.1 -0.2 -5.5
July 25
Apr- -3.1 -4.4 -4.3 -2.5 -5.2 4.5 9.9 9.3 25.2
July 26
Data for Apr-July 2026 is Provisional
***
Abhishek Dayal/ Abhijith Narayanan
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