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India’s Core Industries Stage Comeback in November, Driven by Cement and Steel
Core Sector Growth: The core sector rebounded in November 2025 with a 1.8% growth. Cement and steel production saw a significant jump, but the energy sector continued to decline. Read the detailed report.
India's eight core infrastructure industries experienced a definite sign of revival in November 2025. Monday's statistical report released by the government came as a relief to the economy as the growth rate of the eight industries experienced a positive increase in November at 1.8%. This news holds importance because, last month, the growth rate of these industries witnessed negativity at -0.1% in October. However, in November last year, the growth rate stood at 5.8%.
The tale of the ‘U-turn’ in the economy is mainly based on the construction and manufacturing sectors. It can be seen in the data analysis that the infrastructure sectors in the market are the major trendsetters in the economy. The major factor behind the resurrection of the economy was the number of cements produced, with an impressive figure of 14.5%, surpassing the previous mark. The steel sector also followed suit, posting a strong 6.1% increase. The good news for the agriculture and power sectors was that fertilizer production increased by 5.6% and coal production by 2.1%.
However, the other side of the picture is somewhat worrying. While construction materials are booming, key energy sectors are still struggling. A 3.2% decline in crude oil production and a 2.5% decline in natural gas indicate that the recovery is not yet fully widespread. Furthermore, electricity production declined slightly by 2.2% and refinery products by 0.9%, raising questions about the pace of industrial activity.
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Broadening the perspective, total core sector production grew by 2.4% in the first eight months (April-November) of the current financial year (2025-26) compared to the previous year. Even in these long-term figures, steel (9.7% growth) and cement (8.2%) dominated. In contrast, coal (-1.4%), crude oil (-1.3%), natural gas (-3.0%), and electricity (-0.3%) remained under constant pressure during the same period. Since these eight core sectors account for 40.27% of the Index of Industrial Production (IIP), this positive November figure could be considered a positive sign for the upcoming IIP data.
