FX.co ★ India Infrastructure Output Stalls

India's infrastructure output remained flat in October 2025 compared to the same month in the previous year, maintaining a revised 3.3% increase from September. This marked the first time in 14 months without expansion, highlighting the impact of aggressive tariffs imposed by the United States on India, which prompted several businesses to announce reductions in capacity. Key sectors experienced significant declines in output: coal plummeted by 8.5%, compared to a 1.2% decrease in September; crude oil slipped by 1.2%, slightly improved from the previous month's 1.3% drop; natural gas contracted by 5%, deepening from a 3.8% fall; and electricity plunged by 7.6%, reversing from a 3.1% growth. These figures underscore the vulnerability of energy markets to macroeconomic challenges. Conversely, output in non-energy sectors showed resilience, with fertilizers growing by 7.4%, up from 1.6%; steel increasing by 6.7%, although down from 14.4%; and cement rising by 5.3%, slightly above the previous 5%.