India's infrastructure output expanded by 2% from the previous year in July of 2025, slowing slightly from the upwardly revised 2.2% increase in the previous month but still marking the eleventh straight month of expansion in the index. Growth was supported by the sustained pace of activity for steel (12.8% vs 9.7% in June) and cement (11.7% vs 8.2%), signaling the stronger appetite for construction materials. In turn, output rebounded for electricity (0.5% vs -1.2%) and fertilizers (2% vs -1.2%). On the other hand, production fell for refineries (-1% vs 3.4%), suggesting that the sector did not increase capacity ahead of increase tariff threats from the United States due to Indian refineries buying Russian oil.