India’s Core Sector Growth Moderates to 3.8% in March, Cement and Fertiliser Shine Bright

India’s core infrastructure sector grew by 3.8% year-on-year in March 2025, easing from 6.3% a year ago but improving slightly over February’s 3.4%. The moderation was driven by contractions in crude oil (-1.9%) and natural gas (-12.7%), while coal, refinery products, steel, and electricity saw slower gains. Standout performers included cement, up 11.6%, and fertiliser, jumping 8.8%, reflecting robust demand and production. Steel and electricity also contributed, rising 7.1% and 6.2% respectively. For the full fiscal year 2024-25, core sector growth cooled to 4.4%, down from 7.6% last year, partly due to election-related spending slowdowns. The eight core sectors—coal, crude oil, natural gas, refinery products, fertilisers, steel, cement, and electricity—make up over 40% of India’s Index of Industrial Production, serving as a key barometer of industrial health. Sources: Times of India, Economic Times, Businessworld