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Core Sector Growth Slows to 0.7% in May Despite Cement and Steel Gains
India’s eight core industries recorded a modest 0.7% year-on-year growth in May 2025, marking the slowest pace in nine months. The sharp decline from 6.9% growth in the same period last year highlights challenges in sustaining industrial momentum.
The core sector, which makes up 40% of the Index of Industrial Production (IIP), saw mixed performance across segments.
Cement production led with a strong 9.2% rise, reflecting continued demand in construction. Steel output followed with a 6.7% increase. Both sectors posted healthy cumulative growth of 7.8% and 5.5%, respectively, for the April-May period.
However, the overall performance was weighed down by declines in key sectors:
Electricity generation dropped 5.8%
Crude oil output declined 1.8%
Natural gas fell 3.6%
Fertilizer production dipped 5.9%
Refinery products and coal posted marginal growth, offering some balance.
The slowdown underscores the need for targeted policy support to boost lagging sectors, particularly in energy and resources. While infrastructure-related industries show resilience, broad-based growth remains critical for a sustained industrial recovery.
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