India’s Core Sector Output Hits a 12-Month High in September

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Ashutosh Sureka

22.10.2026

India’s Core Sector Output Hits a 12-Month High in September — Core Sector Hits New High

Growth across India’s eight major core industries was 7.9% year on year in September, up from 5.9% in August and the strongest reading in the past 12 months. Iron ore, electricity and coal led the gains, while fertilizer, natural gas and crude oil continued to contract, reflecting supply pressures linked to the war in West Asia.

Highlights

Core sector growth reached 7.9% in September 2026, the fastest pace recorded so far in the new series.
Iron ore, electricity, coal and refinery products led the gains, rising by 18.4%, 11.4%, 10.7% and 10.3%, respectively.
Cumulative core sector growth was 5.1% from April to September 2026, compared with 2.5% in the same period last year.

This article was translated from the original. Read the original version by our correspondent here.

September Surge in Government Data

As Forbes India reported, government data showed core sector growth of 7.9% in September, described as the fastest pace recorded so far in the new series. Aditi Nayar, Chief Economist at ICRA, said that a favorable base effect supported the improvement after revised growth of 5.9% in August 2026, while September 2026 saw broad-based strength.

Iron ore posted the strongest increase, at 18.4%, followed by electricity at 11.4%, coal at 10.7%, refinery products at 10.3% and cement at 9.8%. Steel grew by 4.9%, while coal and refinery products rebounded more strongly than in August, when coal contracted by 3.8% and refinery output grew by 5.6%.

However, three sectors remained in decline. Fertilizer output fell by 11.7%, natural gas by 4.6% and crude oil by 1.4%.

Supply Pressures and Half-Year Trends

Fertilizer production has fallen every month since March, when it dropped by 24.6% amid supply disruptions linked to the war in West Asia. Natural gas and crude oil output have also contracted every month since September last year, underscoring pressure on energy supplies.

Cumulative growth from April to September 2026 was 5.1%, double the 2.5% recorded in the same period last year. Electricity output rose by 10.2% during this period, compared with 1% a year earlier; cement grew by 10.1%, steel growth slowed to 4.3% from 12.2%, and fertilizer output contracted by 7.6%.

The index stood at 118.3 in September on the 2022-23 base, down from 120.4 in August. This decline reflects seasonal fluctuations rather than contraction.

our previous report examined September’s WPI-based wholesale inflation reaching 11.39% and the broad pressures from fuel, food and industrial input costs. It highlighted persistently high fuel and electricity inflation, surging crude petroleum and natural gas prices, and the impact of rising costs for manufactured goods on the Producer Price Index/input PPI at the factory gate.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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