Overview
- Official data show a 1.8% year-on-year increase in November 2025 for the Index of Eight Core Industries, rebounding from October’s 0.1% contraction.
- Cement and steel led the improvement with gains of 14.5% and 6.1%, while fertiliser rose 5.6% and coal increased 2.1%.
- Energy-linked sectors weakened, with crude oil down 3.2%, natural gas down 2.5%, refinery products down 0.9%, and electricity down 2.2%.
- Cumulative growth for April–November slowed to 2.4% from 4.4% a year earlier, with steel and cement up 9.7% and 8.2% over the period.
- Analysts describe the upturn as tepid and influenced by base effects and festive timing, and they expect November IIP growth of roughly 2.5% to 4.5% ahead of the December 29 release.