Key highlights of ICI for the month of July 2026
- 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).
- 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.
- Iron Ore, Electricity, and Cement have been the major drivers of overall growth of ICI during recent months.
- 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.
- 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
- 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.
- 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).
- Annual and Cumulative Index and YoY growth rate is given at Annexure-III and Annexure-IV.
- 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 Gas | Crude Oil | Refinery Products | Fertilizers | Steel | Cement | Electricity | Iron Ore | Overall Index |
| Weight | 5.596 | 3.841 | 7.43 | 22.572 | 2.731 | 17.584 | 4.41 | 30.932 | 4.905 | 100.00 |
| Jul-25 | 87.2 | 104.4 | 99.3 | 108.3 | 113.1 | 137.0 | 114.2 | 123.3 | 80.9 | 115.0 |
| Aug-25 | 93.3 | 104.6 | 98.2 | 105.7 | 114.9 | 135.9 | 109.6 | 119.4 | 91.1 | 113.7 |
| Sep-25 | 91.5 | 100.7 | 93.3 | 99.0 | 109.5 | 133.0 | 110.1 | 115.2 | 91.5 | 109.6 |
| Oct-25 | 104.1 | 103.9 | 96.6 | 108.9 | 117.5 | 131.7 | 115.4 | 104.4 | 115.7 | 111.0 |
| Nov-25 | 124.6 | 102.1 | 93.9 | 105.1 | 114.9 | 131.3 | 119.0 | 97.9 | 134.6 | 110.0 |
| Dec-25 | 136.5 | 103.2 | 96.5 | 113.1 | 116.3 | 141.4 | 141.2 | 110.6 | 146.5 | 120.0 |
| Jan-26 | 141.5 | 102.5 | 96.2 | 112.5 | 115.2 | 148.1 | 143.3 | 114.5 | 146.7 | 122.5 |
| Feb-26 | 133.9 | 91.9 | 86.7 | 101.2 | 103.3 | 134.7 | 137.6 | 107.1 | 137.3 | 112.7 |
| Mar-26 | 152.9 | 101.2 | 95.7 | 113.1 | 76.5 | 149.2 | 151.1 | 119.5 | 160.6 | 124.9 |
| Apr-26 | 99.8 | 98.0 | 93.4 | 100.6 | 82.5 | 134.3 | 129.5 | 122.9 | 137.1 | 115.3 |
| May-26 | 105.0 | 99.6 | 95.8 | 100.3 | 101.2 | 137.5 | 132.5 | 131.2 | 148.5 | 120.1 |
| Jun-26 | 107.6 | 97.0 | 92.5 | 101.5 | 102.3 | 136.8 | 138.4 | 132.3 | 148.7 | 120.7 |
| Jul-26 (P) | 93.8 | 100.5 | 94.0 | 111.2 | 104.0 | 141.0 | 129.2 | 134.4 | 104.8 | 121.2 |
Annexure-II
Table 2: YoY growth rate of ICI for last 13 months
| Sector | Coal | Natural Gas | Crude Oil | Refinery Products | Fertilizers | Steel | Cement | Electricity | Iron Ore | Overall Index |
| Weight | 5.596 | 3.841 | 7.43 | 22.572 | 2.731 | 17.584 | 4.41 | 30.932 | 4.905 | 100.00 |
| Jul-25 | -12.3 | -3.3 | -0.8 | -1.4 | 1.9 | 15.7 | 11.1 | 3.7 | -7.1 | 3.2 |
| Aug-25 | 10.8 | -2.2 | -0.7 | 3.4 | 4.5 | 15.3 | 5.4 | 4.2 | 7.9 | 6.2 |
| Sep-25 | -1.1 | -3.7 | -0.7 | -3.2 | 1.7 | 14.3 | 5.1 | 3.1 | 0.8 | 3.1 |
| Oct-25 | -8.4 | -5.2 | -0.8 | 5.3 | 7.4 | 9.5 | 5.2 | -7.0 | 8.7 | 0.8 |
| Nov-25 | 2.2 | -2.5 | -2.6 | -0.2 | 5.5 | 11.6 | 15.1 | -1.5 | 19.3 | 3.5 |
| Dec-25 | 3.7 | -4.4 | -5.1 | -0.3 | 4.1 | 11.1 | 14.0 | 6.2 | 22.3 | 5.6 |
| Jan-26 | 0.9 | -4.9 | -5.4 | 0.4 | 3.7 | 13.8 | 11.3 | 5.1 | 12.8 | 5.2 |
| Feb-26 | 1.4 | -5.0 | -4.8 | -0.4 | 3.5 | 9.9 | 9.1 | 2.3 | 8.5 | 3.2 |
| Mar-26 | -4.0 | -3.7 | -5.3 | 0.9 | -24.6 | 9.6 | 4.7 | 0.8 | 33.3 | 2.9 |
| Apr-26 | -9.0 | -4.2 | -3.2 | -0.2 | -8.5 | 4.7 | 8.3 | 5.5 | 12.5 | 2.7 |
| May-26 | -9.5 | -5.0 | -4.2 | -8.2 | -1.0 | 5.1 | 8.4 | 11.2 | 19.0 | 3.2 |
| Jun-26 | 1.4 | -4.8 | -4.2 | -4.0 | -3.3 | 5.6 | 9.9 | 11.4 | 44.5 | 6.0 |
| Jul-26 (P) | 7.6 | -3.7 | -5.3 | 2.7 | -8.0 | 2.9 | 13.1 | 9.0 | 29.5 | 5.4 |
Annexure-III
Table 3: Annual and Cumulative Index of Core Industries
| Sector | Coal | Natural Gas | Crude Oil | Refinery Products | Fertilizers | Steel | Cement | Electricity | Iron Ore | Overall Index |
| Weight | 5.596 | 3.841 | 7.43 | 22.572 | 2.731 | 17.584 | 4.41 | 30.932 | 4.905 | 100.00 |
| 2023-24 | 111.7 | 106.1 | 100.6 | 103.6 | 103.7 | 113.6 | 108.9 | 107.1 | 107.3 | 107.2 |
| 2024-25 | 117.3 | 105.7 | 98.4 | 106.5 | 106.7 | 121.8 | 115.9 | 112.6 | 112.2 | 111.8 |
| 2025-26 | 116.4 | 102.0 | 95.8 | 106.9 | 106.6 | 135.9 | 125.8 | 113.8 | 121.2 | 115.2 |
| Apr-July 25 | 104.8 | 103.4 | 98.1 | 106.0 | 102.8 | 131.4 | 120.5 | 119.2 | 107.6 | 114.4 |
| Apr-July 26 | 101.6 | 98.8 | 93.9 | 103.4 | 97.5 | 137.4 | 132.4 | 130.2 | 134.8 | 119.3 |
Annexure-IV
Table 3: YoY growth rate of Annual and Cumulative Index of Core Industries
| Sector | Coal | Natural Gas | Crude Oil | Refinery Products | Fertilizers | Steel | Cement | Electricity | Iron Ore | Overall Index |
| Weight | 5.596 | 3.841 | 7.43 | 22.572 | 2.731 | 17.584 | 4.41 | 30.932 | 4.905 | 100.00 |
| 2024-25 | 5.0 | -0.3 | -2.2 | 2.8 | 2.9 | 7.3 | 6.4 | 5.2 | 4.6 | 4.3 |
| 2025-26 | -0.7 | -3.6 | -2.7 | 0.4 | -0.1 | 11.6 | 8.5 | 1.0 | 8.0 | 3.0 |
| Apr-July 25 | -3.0 | -2.9 | -1.5 | -0.3 | -2.3 | 11.0 | 8.1 | -0.2 | -5.5 | 1.5 |
| Apr-July 26 | -3.1 | -4.4 | -4.3 | -2.5 | -5.2 | 4.5 | 9.9 | 9.3 | 25.2 | 4.3 |
Radhika Goyal is Author of Taxconcept Gurugram head office, for deeply reported tax, gst and income tax articles on issues that matter. He splits her time between New Delhi and Bengaluru, and has worked as a reporter, a podcaster and an editor for publications across India.