India's core sectors grow just 3% in September

Business Oct 21, 2025

India's core sectors—think coal, oil, steel, cement and more—grew just 3% in September 2025, a clear slowdown from August's 6.5%.
Coal and crude oil actually shrank, dropping by 1.2% and 1.3%, respectively.
These sectors matter since they drive over 40% of the country's industrial output.

Steel was the bright spot

Steel was the bright spot, jumping 14.1% in production, while cement and fertilizers also posted solid gains.
But electricity generation slipped a bit, and the bigger picture shows industrial growth losing steam—August's overall industrial output rose just 4%, and manufacturing activity is at its slowest in four months.
Everyone's watching for September's full numbers to see if this slowdown continues.