The infrastructure output in India expanded by 4.0% from the previous year in January of 2026, slowing from the upwardly revised, 11-month high of 4.7% to mark a third straight period of increase. Growth in infrastructure continued to be carried by raw materials used for construction, with higher growth rates holding for steel (9.9% vs 10.1%) and cement (10.7% vs 13.7%). In the meantime, expansions were also slower for electricity 3.8% vs 6.3%), fertilizers (3.7% vs 4.1%), and coal (3.1% vs 3.6%). On the other hand, production fell for natural gas (-5% vs -4.4%), crude oil (-5.8% vs -5.6%), and stalled for refined products (vs -1%), maintaining the weakness for the sector as sourcing raw materials from Russia became scrutinized following sanctions from the US.