India’s core infrastructure sectors, which account for 40% of industrial output, grew by 5.2% in March, marking a slowdown from the previous month’s robust growth. The primary reasons for this decline were lower crude oil production and contractions in refinery products and fertilizers. The overall growth for the fiscal year 2023-2024 (FY24) stood at 7.5%, the slowest in three years, but still outperforming most years of the Modi administration.