The combined Index of Eight Core Industries (ICI) registered a 1.8 per cent decline in August 2024 compared to the same month last year, according to provisional data. The negative growth was attributed to reduced production in several key sectors, including coal, crude oil, natural gas, petroleum refinery products, cement, and electricity. In contrast, only two sectors steel and fertilizers showed positive growth during August, helping to mitigate the overall decline.
The Eight Core Industries, which account for 40.27 per cent of the weight of items included in the Index of Industrial Production (IIP), are critical indicators of industrial performance. The cumulative growth rate of the Index of Eight Core Industries during April to August (2024-25) is 4.6 per cent (provisional) as compared to the corresponding period of last year.
Here's summary of the Index of Eight Core Industries
Coal: Coal production (weight: 10.33 per cent) declined by 8.1 per cent in August 2024 over August 2023. Its cumulative index increased by 6.5 per cent during April to August, 2024-25 over corresponding period of the previous year.
Crude Oil: Crude Oil production (weight: 8.98 per cent) declined by 3.4 per cent in August, 2024 over August, 2023. Its cumulative index declined by 1.7 per cent during April to August 2024-25 over the corresponding period of the previous year.
Natural Gas: Natural Gas production (weight: 6.88 per cent) declined by 3.6 per cent in August, 2024 over August, 2023. Its cumulative index increased by 2.6 per cent during April to August, 2024-25 over corresponding period of the previous year.
Petroleum Refinery Products: Petroleum Refinery production (weight: 28.04 per cent) declined by 1.0 per cent in August, 2024 over August, 2023. Its cumulative index increased by 1.7 per cent during April to August, 2024-25 over corresponding period of the previous year.
Fertilizers: Fertilizer production (weight: 2.63 per cent) increased by 3.2 per cent in August, 2024 over August, 2023. Its cumulative index increased by 1.7 per cent during April to August, 2024-25 over corresponding period of the previous year.
Steel: Steel production (weight: 17.92 per cent) increased by 4.5 per cent in August, 2024 over August, 2023. Its cumulative index increased by 7.3 per cent during April to August, 2024-25 over corresponding period of the previous year.
Cement: Cement production (weight: 5.37 per cent) declined by 3.0 per cent in August, 2024 over August, 2023. Its cumulative index increased by 0.7 per cent during April to August, 2024-25 over corresponding period of the previous year.
Electricity: Electricity generation (weight: 19.85 per cent) declined by 5.0 per cent in August, 2024 over August, 2023. Its cumulative index increased by 6.8 per cent during April to August 2024-25 over corresponding period of the previous year.
(With inputs from ANI)
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