Growth in Eight Core Industries
- Context: India’s eight core industrial sectors recorded a growth of 0.5% in May 2026, according to the Index of Eight Core Industries (ICI) released by the Ministry of Commerce and Industry.
- This was the second-lowest growth rate in the last 21 months; only October 2025 witnessed a lower figure, with the index contracting by 0.1%.
- Five of the eight sectors registered a decline in output during May.
Sectors Showing Contraction
- Crude Oil: Output declined by 4.6%, compared to a contraction of 3.9% in April and 1.8% in May 2025.
- Natural Gas: Production fell by 4.9%, the steepest decline in three months.
- Refinery Products: Output contracted by 8.7%, the sharpest fall in about three and a half years.
- Coal: Production decreased by 9.3%, marking the worst performance in ten months.
- Fertilizers: Output declined by 0.9%, extending the contraction for the third consecutive month.
Factors Behind the Slowdown
- Economists attributed the weak performance mainly to the petroleum-based sectors.
- Higher imports of crude oil and softening international prices affected domestic production.
- The decline in refinery output was also partly linked to the impact of the West Asia crisis.
Sectors Recording Growth
- Electricity: Grew by 8.7%, rebounding from a contraction of 4.7% in May 2025.
- Steel: Registered 5% growth, though this was the lowest growth rate in 13 months.
- Cement: Output increased by 8.4%, showing a marginal acceleration.
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