India: Infrastructure Output Contracts.

The infrastructure output in India fell by 0.4% annually in March of 2026 following the upwardly revised 2.8% increase in the previous month, reflecting the first period of contraction since October of the previous year and only the fourth monthly contraction since the start of 2021. The drop reflected an immediate impact on the energy shock from the outbreak of war in the Middle East, which triggered energy shortages in Asia and a surge in the prices of petrochemicals. Fertilizer production plunged by 24.6% as firms were unable to source regular levels of natural gas feedstock. Output was also lower for coal (-4%) and crude oil (-5.7%). In turn, steel (2.2%) and cement (4%) continued to expand on the strong momentum for construction inputs.