FX.co ★ India Infrastructure Output Expands

India’s infrastructure output grew by 5.4% year-on-year in July 2026, following a revised ten-month high of 6% in June. The latest reading confirms a continuation of the recovery from the weaker growth seen in the second quarter, when the war in Iran drove up energy prices and production costs for Indian manufacturers.

By sector, output growth accelerated for iron ore (29.5%, though slower than June’s 44.5%), cement (13.1% vs 9.9% in June), and coal (7.6% vs 1.4%). Refinery products also returned to growth (2.7% vs -4% in June), likely reflecting improved access to crude oil feedstock. In contrast, output declined further for fertilizers (-8% vs -3.3%) and crude oil (-3.7% vs -4.8%).