Growth in India’s eight core infrastructure industries eased to 2.3 per cent in February, down from 3.4 per cent in the same month last year, reflecting weakness in energy-linked segments even as output expanded in several manufacturing-oriented sectors.According to official data, production of crude oil, natural gas and petroleum refinery products declined during the month, moderating the overall expansion in the core sector basket. The eight industries together account for 40.27 per cent of the weight in the Index of Industrial Production (IIP).The combined Index of Eight Core Industries (ICI) rose 2.3 per cent (provisional) year-on-year in February 2026, the Ministry of Commerce and Industry said in a release, noting that cement, steel, fertilisers, coal and electricity recorded positive growth during the month.During April–February of FY26, cumulative growth in core infrastructure output stood at 2.9 per cent, compared with 4.4 per cent in the corresponding period of the previous financial year, indicating a broader slowdown in momentum.“The final growth rate of Index of Eight Core Industries for January 2026 was observed at 4.7 per cent. The cumulative growth rate of ICI during April to February, 2025-26 is 2.9 per cent (provisional) as compared to the corresponding period of last year,” the release said.Coal production — carrying a 10.33 per cent weight — increased 2.3 per cent in February over the same month last year. However, its cumulative index remained unchanged at 185.8 during April–February FY26.Crude oil output (8.98 per cent weight) declined 5.2 per cent year-on-year in February, while the cumulative index contracted 2.5 per cent over the April–February period.Similarly, natural gas production (6.88 per cent weight) fell 5.0 per cent during the month, with its cumulative index slipping 3.5 per cent compared with the year-ago period.Production of petroleum refinery products (28.04 per cent weight) declined 1.0 per cent in February and remained marginally lower — by 0.1 per cent cumulatively — during the first eleven months of the fiscal.Among the growth drivers, fertiliser output (2.63 per cent weight) rose 3.4 per cent year-on-year in February and recorded 2.0 per cent cumulative growth during April–February.Steel production — with a 17.92 per cent weight — posted a strong 7.2 per cent increase in February, while cumulative growth stood at 9.7 per cent.Cement output (5.37 per cent weight) expanded 9.3 per cent during the month and recorded 9.2 per cent growth cumulatively over the fiscal period under review.Electricity generation (19.85 per cent weight) increased 0.5 per cent year-on-year in February and registered 0.9 per cent cumulative growth during April–February.The data indicates that while construction-linked and industrial segments continue to lend support, the contraction in energy-related sectors remains a key drag on overall core infrastructure output.(With inputs from Agencies)

A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.

Washington state’s proposed new income tax includes the largest “marriage penalty” in the nation, placing higher taxes on certain couples who file jointly, according to tax experts.

The state House of Representatives approved Washington’s first-ever income tax, imposing a 9.9% tax on income of more than $1 million a year. Having also passed the state Senate, it will now go to the governor, who plans to sign it into law. Washington is currently one of only nine states with no state income tax, and the new rate would be one of the highest in the nation.

While Democratic legislators call it “the millionaire’s tax,” some taxpayers making far less as individuals will also be subject to the tax thanks to a steep marriage penalty. According to the legislation, the $1 million threshold for the tax applies to individuals, couples and domestic partners. So if a married couple each makes $600,000, their combined income of $1.2 million would trigger the tax.

“According to the statute, it doesn’t matter if you’re single or married, the exemption is $1 million,” said Joe Wallin, an attorney who advises companies and tech founders in Washington. “It should be called the half-millionaire tax.”

While marriage penalties are not uncommon in state or federal tax codes, Washington’s stands out for its size. Most states use two income thresholds for tax brackets, one for individuals and another for couples that’s usually twice as high. Some high-tax states, such as California and New York, only apply marriage penalties for the highest earners, according to the Tax Foundation, a nonprofit tax policy think tank.

In New York, for instance, the income thresholds for each bracket are doubled for joint filers through the 9.65% rate, which applies to income above $1,077,550 for single filers and $2,155,350 for joint filers. But for the special millionaire surtax rates of 10.3% and 10.9% — relevant to those making above $5 million and $25 million in income, respectively — the income thresholds are the same for joint and single filers.

In California, bracket thresholds double for joint filers, except for the 1% Mental Health Services Act, which applies to income above $1 million for both single and married filers.

Jared Walczak, senior fellow of the Tax Foundation, said the marriage penalties in New York and California are relatively small, amounting to a 1% tax rate difference in California and a 0.65% difference in New York. In Washington state, however, the difference can be up to 9.9%.

“In the most extreme case, if you had two single filers who both earned exactly $1 million, they would owe $0, but if they married and earned the same income, they would owe $99,000,” he said. “Washington’s marriage penalty will be the largest by far.”

The state’s Democratic lawmakers and governor haven’t specifically addressed concerns about the marriage penalty. State Sen. Noel Frame, who leads fiscal policy for the state Senate Democrats, said the standard deduction of $1 million per household is the same structure used for the state’s capital gains excise tax, passed by voters in 2021.

“As we work to make the two separate tax structures work together, having consistency in the deduction helps with both administration of the tax by our Department of Revenue and simplicity for taxpayers,” she said in a statement. “Since the tax doesn’t apply to income less than $1 million, there are many high-earning couples that still won’t see much of a tax impact even if their combined incomes are more than $1 million.”

Yet in a state that depends on highly skilled, highly paid workers at companies such as Amazon, Microsoft and other tech companies, many dual-income families could get hit with the tax, analysts said.

“There’s this idea that, ‘We’re just taxing rich dudes with yachts,'” said Brian Heywood, a Washington hedge-fund manager who founded Let’s Go Washington, a conservative political action committee opposed to the tax. “They’ve been less than honest with who they’re going after and what the numbers are.”

Wallin joked that some dual-earning couples might even explore a legal divorce for tax reasons, even if they want to stay effectively married. “The tax savings alone would more than pay the costs of a divorce lawyer,” he said.

The marriage penalty is the latest controversy for Washington’s new income tax, which has become a beacon in the Democratic Party’s movement to raise taxes on the wealthy. From Rhode Island and New York to Virginia and Michigan, Democrats in state legislatures are seeking to counteract rising inequality and federal funding cuts to health care by raising taxes on top earners. California is considering a ballot initiative to create the first state wealth tax, taxing the total net worth of the state’s billionaires.

Washington will be a closely watched experiment in the debate over the impact of higher state taxes on wealth migration.

Two of the state’s most celebrated entrepreneurs — Jeff Bezos of Amazon and Howard Schultz of Starbucks — have already left the state for Florida, which has no income tax. Bezos announced his move to Miami in 2023, after the state’s new capital gains tax of 7% took effect. He sold more than $9 billion worth of Amazon stock in 2024, effectively saving over $600 million in capital gains taxes that he would have had to pay to Washington state.

Schultz recently announced that he had moved from Seattle after 44 years. He said his family office will also move to Miami but that his foundation would continue to operate in Seattle.

“It is our hope that Washington will remain a place for business and entrepreneurship to thrive, creating essential opportunity for those in Seattle and the surrounding areas,” he wrote.