Overview

• Official data show the Index of Eight Core Industries grew 6.3% year on year in August, marking the strongest pace since mid-2024.
• Steel, coal and cement led the increase with gains of 14.2%, 11.4% and 6.1%, respectively.
• Crude oil output fell 1.2% and natural gas slipped 2.2%, highlighting ongoing weakness in energy production.
• Cumulative growth for April–August stands at 2.8% (provisional), slower than 4.6% in the same period last year.
• The core sectors account for 40.27% of the IIP basket, and ICRA projects August IIP growth at roughly 4.5–5.5% on the back of the core rebound.