India's Core Industries Index Grows 5% in June 2026, Led by Iron Ore
Quick Look
- India's Core Industries Index (ICI) grew 5% year-on-year in June 2026, driven by a 43.9% surge in iron ore production, alongside strong growth in cement and electricity.
- This marks the first release under a revised 2022-23 base year, now including nine core industries.
AI-generated summary
Why It Matters
India's Core Industries Index (ICI) saw a 5% year-on-year growth in June 2026, marking the first publication of a revised series with a 2022-23 base year and the inclusion of iron ore.
India's combined Index of Core Industries (ICI) grew 5% year-on-year in June 2026, compared with 3.2% in May, according to provisional data released by the government under the revised 2022-23 base year series.
The June release marks the first publication of the revised ICI series, replacing the earlier 2011-12 base year. The revised index now covers nine core industries, with iron ore added as a new constituent alongside coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity.
Iron ore, electricity, cement, steel and coal recorded positive growth during the month compared with June 2025, while natural gas, crude oil, refinery products and fertilisers contracted.
Iron ore production posted the strongest growth at 43.9% year-on-year in June, followed by cement and electricity, both of which grew 9.8%. Steel output increased 4.6%, while coal production rose 1.4%.
However, natural gas production declined 7.4%, refinery products contracted 4.7%, crude oil output fell 4.2%, and fertiliser production slipped 3.3% during the month.
The government said iron ore and electricity were the major drivers of overall core sector growth in recent months.
The cumulative growth of the Index of Core Industries during April-June 2026 stood at 3.6% (provisional), compared with 1% in the corresponding period of the previous year.
As part of the revision, the government has introduced several methodological changes. Iron ore has been included as a core industry, the steel index is now compiled using gross production instead of net production to align with the Index of Industrial Production (IIP), and only raw coal has been retained in the coal index to eliminate double counting from washed coal and coal middlings.
The revised weights of the nine sectors are based on the 2022-23 IIP series, with electricity carrying the highest weight, followed by refinery products and steel. The old 2011-12 base year series has been discontinued, and the next ICI release for July 2026 is scheduled for August 20, 2026.
What to Watch
AI outlook — possibilities, not facts
The next ICI release for July 2026 is scheduled for August 20, 2026.
Very likely · Within months
Open Questions
- What specific factors drove the iron ore surge?
- How will the revised methodology impact future comparisons?
- Will contracting sectors recover in coming months?
