The Combined Index of Eight Core Industries (ICI) has surged by 6.7 percent (provisional) in February 2024 compared to February 2023, indicating a significant upturn in industrial output. Key sectors including Coal, Natural Gas, Cement, Steel, Crude Oil, Electricity, and Refinery Products have all registered positive growth during this period, highlighting the resilience of India’s industrial sector.
Index of Eight Core Industries
The ICI serves as a vital indicator, measuring both the collective and individual performance of eight core industries: Cement, Coal, Crude Oil, Electricity, Fertilizers, Natural Gas, Refinery Products, and Steel. These industries collectively account for 40.27 percent of the weight of items included in the Index of Industrial Production (IIP).
Of particular note, Cement production surged by 10.2 percent in February 2024 over the same period last year, while Coal production witnessed a remarkable growth of 11.6 percent. Additionally, Crude Oil production increased by 7.9 percent, and Electricity generation saw a rise of 6.3 percent during the same period.
However, Fertilizer production experienced a decline of 9.5 percent in February 2024 compared to February 2023. Nonetheless, the cumulative index for the period of April to February 2023-24 still showed an increase of 4.1 percent over the corresponding period of the previous year.
The growth trend extended to other key sectors as well, with Natural Gas production increasing by 11.3 percent, Petroleum Refinery Products by 2.6 percent, and Steel production by 8.4 percent in February 2024 compared to the same period last year.
The continuous growth trajectory of these core industries underscores the robustness of India’s industrial sector and its contribution to the nation’s economic development. As India’s economy continues to evolve, these industries are expected to play a crucial role in driving growth and fostering resilience.
Note: The data for December 2023, January 2024, and February 2024 are provisional and subject to revision based on updated data from source agencies. The release of the index for March 2024 is scheduled for Tuesday, April 30, 2024.
The Index of Eight Core Industries (Base: 2011-12=100) for February 2024.
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