Combined index of eight core industries up by 6.3% in May

Production of electricity, coal, steel, natural gas record positive growth

GN Bureau | June 28, 2024


#Industry   #Economy  
(Illustration: Ashish Asthana)
(Illustration: Ashish Asthana)

The combined Index of Eight Core Industries (ICI) increased by 6.3 percent (provisional) in May 2024 as compared to the Index in May, 2023. The production of electricity, coal, steel, natural gas and refinery products recorded positive growth in May 2024.

The details of annual indices, monthly indices and growth rates are provided at Annex I and Annex II: which can be accessed here: https://pib.gov.in/PressReleasePage.aspx?PRID=2029320

The ICI measures the combined and individual performance of production of eight core industries –  Cement, Coal, Crude Oil, Electricity, Fertilizers, Natural Gas, Refinery Products and Steel. The Eight Core Industries comprise 40.27 percent of the weight of items included in the Index of Industrial Production (IIP).

The final growth rate of Index of Eight Core Industries for February 2024 stands at 7.1 percent. The cumulative growth rate of ICI during April to May, 2024-25 was 6.5per cent (provisional) as compared to the corresponding period of last year.

The summary of the Index of Eight Core Industries is given below:

Cement
Cement production (weight: 5.37 per cent) declined by 0.8 per cent in May, 2024 over May, 2023. Its cumulative index declined by 0.6 per cent during April to May, 2024-25 over corresponding period of the previous year.

Coal
Coal production (weight: 10.33 per cent) increased by 10.2 per cent in May, 2024 over May, 2023. Its cumulative index increased by 8.9 per cent during April to May, 2024-25 over corresponding period of the previous year.

Crude Oil
Crude Oil production (weight: 8.98 per cent) declined by 1.1 per cent in May, 2024 over May, 2023. Its cumulative index increased by 0.2 per cent during April-May, 2024-25 over corresponding period of the previous year.

Electricity
Electricity generation (weight: 19.85 per cent) increased by 12.8 per cent in May, 2024 over May, 2023. Its cumulative index increased by 11.6 per cent during April to May, 2024-25 over corresponding period of the previous year.

Fertilizers
Fertilizer production (weight: 2.63 per cent) declined by 1.7 per cent in May, 2024 over May, 2023. Its cumulative index declined by 1.2 per cent during April to May, 2024-25 over corresponding period of the previous year.

Natural Gas
Natural Gas production (weight: 6.88 per cent) increased by 7.5 per cent in May, 2024 over May, 2023. Its cumulative index increased by 8.0 per cent during April to May, 2024-25 over corresponding period of the previous year.

Petroleum Refinery Products
Petroleum Refinery production (weight: 28.04 per cent) increased by 0.5 per cent in May, 2024 over May, 2023. Its cumulative index increased by 2.2 per cent during April to May, 2024-25 over corresponding period of the previous year.

Steel
Steel production (weight: 17.92 per cent) increased by 7.6 per cent in May, 2024 over May, 2023. Its cumulative index increased by 8.2 per cent during April to May, 2024-25 over corresponding period of the previous year.
 

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