​Alarm bells: on the Index of Eight Core Industries data

The article highlights a significant slowdown in India's economic growth, as indicated by the Index of Eight Core Industries (ICI) data for April 2026, which showed a modest 1.7% growth. This slowdown is attributed to systemic domestic issues rather than solely external factors like the West Asia crisis. Key concerns include prolonged contraction in crude oil and natural gas sectors, lack of strategic gas storage facilities, and a potential dip in fertilizer output and rural demand due to a below-normal monsoon and El Niño. While steel and cement sectors show growth, likely driven by government expenditure, other economic indicators like PMI and GST collections also signal a worrying trend for the Indian economy.