The market is back in full swing: Cement, iron and fertilizer work is in full swing… know what has changed?
After a significant slowdown in October, the country's basic industries have regained momentum in November. According to government data, core sector growth in November 2025 was 1.8%. Cement and steel production saw a significant jump in this growth. However, electricity and crude oil production declined.
The month of November brought some relief to those monitoring the Indian economy and infrastructure. After a significant slowdown in October, the country's eight key core industries, or "core sectors," have shown signs of recovery.
According to the latest government data released on Monday, core sector growth in November 2025 was 1.8 percent, an increase from the same period last year.
This news is significant because just a month earlier, in October 2025, core sector growth had virtually stalled, falling to a mere 0.1 percent, the lowest level in 14 months. Therefore, the November figures confirm that industrial activity has begun to revive.
Return after a lull
The Index of Industrial Production (IIP) is a key indicator of a country's industrial health, and the core sector accounts for 40.27 percent of the total.
This means that if the core sector performs well, it has a direct positive impact on the country's overall industrial production.
Analyzing the November data, it's clear that this time, four main drivers of growth have been cement, steel, coal, and fertilizer. Increased production in these sectors directly implies that the country is experiencing either stability or growth in demand for construction, agriculture, and power generation.
These sectors showed their strength
From a layman's perspective, the rise in cement and steel production indicates that construction and infrastructure projects are progressing rapidly in the country.
According to data, the cement sector has performed the most impressively. Cement production increased by a massive 14.5 percent in November. This increase indicates that the pace of work on real estate and government projects has accelerated.
The steel sector was not far behind. Steel production increased by 6.1 percent. Furthermore, coal production saw a healthy increase of 2.1 percent and fertilizer production by 5.6 percent.
The increase in fertilizer production could be seen as a positive sign for the availability of fertilizers for farmers during the Rabi crop season.
Electricity and crude oil disappointed
However, the other side of the picture is a bit more worrying. While construction materials sectors have thrived, energy-related sectors have disappointed.
Crude oil production declined by 3.2 percent in November. Similarly, natural gas production also declined by 2.5 percent.
The most surprising data is the power generation data. Electricity production declined by 2.2 percent in November.
Furthermore, petroleum refinery products also saw a slight decline of 0.9 percent. This decline in the energy sector could pose a challenge to future industrial supply, requiring policymakers' attention.