kness in energy-linked segments: crude oil fell 4.2%, natural gas dropped 7.4%, and refinery products slid 4.7%. Outside energy, cement stayed strong at 9.8% and steel rose 4.6%, suggesting demand isn’t just coming from a single corner of the economy. For the April-June period, cumulative output rose 3.6% year-on-year versus a revised 1% a year earlier, pointing to a firmer start to the quarter even as parts of the fuel complex still drag.
Why should I care?
For markets: India’s 5% June print was flattered by iron ore’s 43.9% jump in a newly rebased index.
When statisticians rebase an index and change what’s inside it, the headline can move for “math” reasons as much as for economic ones. Adding iron ore, a cycle-sensitive line that can swing sharply month to month, makes the overall growth rate less comparable with the old series and more reactive to that one component. That raises the risk of headline-chasing: investors and forecasters may read a strong print as accelerating activity, even if it’s mostly a commodity production spike plus solid electricity output. The cleaner signal is the mix: broad strength in cement and steel tends to support near-term India growth expectations, while continued declines in crude, gas, and refinery products can cap optimism for energy and upstream-linked companies.