Core sector growth slows to 5.4% in July as fertilizer, oil output falls
Economic activity in India’s core industrial sectors saw growth slow to 5.4% in July 2026 from 6% in June, according to official data released on Thursday. This was driven by a significant slowdown in the fertilizers, iron ore, and steel sectors, accompanied by a continued contraction in the natural gas and crude oil sectors.The data on the Index of Core Industries (ICE) released by the Ministry of Commerce and Industry, however, showed that July’s growth was still the second-fastest in seven months. The Ministry released a new series of the ICE in July, which means that a historical comparison is possible only up to June 2025.
Within the index, the fertilizers sector contracted 8% in July 2026, as compared to a contraction of 3.3% in June. The sector had grown 1.9% in July of last year. This performance is likely due to the deficient and patchy monsoon, and the resultant lower levels of sowing taking place.
The iron ore sector saw growth slowing to 29.5% in July 2026, from 44.5% in June. However, it is important to point out that these relatively high growth levels are on a low base, since the sector contracted 16.4% and 7.1% in June and July of last year, respectively. This low base effect was also apparent in the coal sector’s 11-month high growth rate of 7.6% in July 2026. The sector had contracted 12.3% in July last year.
Growth in the steel sector slowed to 2.9% in July 2026, the lowest in the 14 months for which there is data, down from 5.6% in June.
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