FX.co ★ New India Infrastructure Grows the Least in 8 Months

India's infrastructure output experienced a modest increase of 0.5% year-over-year in April 2025, marking the slowest growth in eight months. This represents a decline from the revised growth rate of 4.6% reported in March. The deceleration was primarily influenced by a fresh downturn in fertilizer production, which fell by 4.2% compared to an 8.8% increase in March. Similarly, refinery products registered a decline of 4.5%, down from a 0.2% decrease, complemented by an accelerated drop in crude oil output at 2.8%, compared to 1.9% previously. Additionally, growth slowed in sectors such as cement, which saw a 6.7% rise versus a 12.2% spike in March; steel, with a 3% increase compared to 9.3%; and electricity, rising by just 1% as opposed to 7.5%. Nevertheless, the overall contraction was mitigated by a positive performance in the coal sector, which grew by 3.5%, up from 1.6% in the preceding month.