India’s core industrial growth slowed to 5.4% in July, reflecting easing domestic demand. Much of this growth appears based on a low statistical base effect for sectors like coal and refinery products. While iron ore showed robust expansion, steel significantly decelerated. Crude oil and natural gas sectors are continuous drags, necessitating expensive imports. Impending US tariffs on Russian oil will further burden Indian exporters. Only cement and electricity sectors maintained strong growth, though electricity's pace moderated. Overall, the Indian economy anticipates slack demand, higher costs, and moderating growth, with positive indicators scarce.