Page 31 - Policy Economic Report -August 2026

POLICY AND ECONOMIC
OIL & GAS MARKET

Figure 14: Total Trade during July 2026 (estimated)

Source: Ministry of Commerce & Industry

The performance of non-petroleum exports also remained encouraging, indicating that export growth was
not solely dependent on petroleum products. Non-petroleum exports increased to US$37.32 billion in July
2026 from US$32.86 billion in July 2025. Non-petroleum and non-gems & jewellery exports increased
to US$35.00 billion from US$30.47 billion. During April–July 2026–27, cumulative non-petroleum exports
stood at US$143.61 billion, representing an increase of 12.79 per cent over the corresponding period of
the previous year. Non-petroleum and non-gems & jewellery exports increased to US$134.02 billion from
US$118.27 billion.

Figure 15: Trade excluding Petroleum and Gems & Jewellery during July 2026

Source – Ministry of Commerce & Industry, Department of Commerce

Index of Eight Core Industries (ICI)

India's core industrial activity continued to strengthen during July 2026, with the Index of Core Industries
(ICI) recording a year-on-year growth of 5.4 per cent (Provisional). Although this was marginally lower
than the 6.0 per cent growth recorded in June 2026, the sector maintained a strong pace of expansion,
reflecting continued momentum in key infrastructure- and industry-linked activities. The cumulative
growth of the ICI during April–July 2026 stood at 4.3 per cent, significantly higher than the 1.5 per
cent recorded during the corresponding period of the previous year, indicating a broad improvement in
core industrial activity.

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