ICRA projects GDP to dip 6.5% YoY in Q2FY25
It said, this is due to the heavy rains and weak margins offsetting the buoyancy injected by the turnaround in Government capital expenditure and healthy trends in kharif sowing.
Eight Core Industries in April 2024 grew by 6.2 per cent YoY as compared to the Index in April 2023, the data from Ministry of Commerce & Industry said on Friday.
The production of Electricity, Natural Gas, Coal, Steel, Refinery Products, Crude Oil and Cement recorded positive growth in April 2024.
Further, the data by the ministry said that the final growth rate of the Index of Eight Core Industries for January 2024 is revised to 4.1 per cent. The cumulative growth rate of ICI during 2023-24 reported 7.6 per cent (provisional) as compared to the corresponding period of last year.
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Index of Eight Core Industries (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 per cent of the weight of items included in the Index of Industrial Production (IIP).
Electricity generation marked the highest increase by 9.4 per cent in April 2024 over the same month last year. Its cumulative index increased by 7.1 per cent during 2023-24 over the corresponding period of the previous year.
It was followed by the Natural Gas production by 8.6 per cent in April 2024 YoY with cumulative index increasing by 6.1 per cent during 2023-24 over the corresponding period of the previous year.
Coal production increased by 7.5 per cent in April, and its cumulative index increased by 11.8 per cent during 2023-24. Steel production increased by 7.1 per cent in April 2024 with cumulative index increased by 12.4 per cent during 2023-24.
Petroleum Refinery production increased by 3.9 per cent in April 2024, and its cumulative index increased by 3.6 per cent during 2023-24 over the corresponding period of the previous year.
Crude Oil production increased by 1.6 per cent in April 2024 over April 2023, cumulative index by 0.6 per cent during 2023-24.
Cement production increased by 0.6 per cent in April, and cumulative index increased by 9 per cent.
However, the fertilizer production declined by 0.8 per cent in April, and its cumulative index increased by 3.7 per cent .
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