The combined Index of Eight Core Industries (ICI) increased by 6.3% (provisional) in May, 2024 as compared to the Index in May, 2023, the data released by the Ministry of Commerce & Industry said on Friday.

The production of Electricity, Coal, Steel, Natural Gas and Refinery Products recorded positive growth in May 2024.

Cumulative growth rate of ICI during April to May, 2024-25 was 6.5% (provisional) as compared to the corresponding period of last year, the ministry said.

It further added that the final growth rate of the Index of Eight Core Industries for February 2024 stands at 7.1%.

For the month of May, the electricity generation increased by 12.8% over May 2023. Its cumulative index increased by 11.6% during April to May, 2024-25 over the corresponding period of the previous year.

Coal production increased by 10.2% in May 2024 over May 2023, and its cumulative index increased by 8.9% during April to May, 2024-25 over the corresponding period of the previous year.

The steel production increased by 7.6% in May 2024 over May 2023. Its cumulative index increased by 8.2% during April to May, 2024-25 over the corresponding period of the previous year.

Further, the Natural Gas production increased by 7.5% in May 2024 over May 2023. Its cumulative index increased by 8% during April to May, 2024-25 over the corresponding period of the previous year.

Petroleum Refinery production marked a slight increase by 0.5% in May 2024, and its cumulative index increased by 2.2% during April to May, 2024-25 over corresponding period of the previous year.

On the declining side, the fertilizer production declined by 1.7% in May 2024 over May 2023 with cumulative index declining by 1.2% during April to May, 2024-25 over corresponding period of the previous year.

Crude Oil production declined by 1.1% in May, and its cumulative index increased by 0.2% during April-May, 2024-25 over the corresponding period of the previous year.

Cement production declined by 0.8% in May with its cumulative index declining by 0.6% during April to May, 2024-25.

The ICI measures the combined and individual performance of production of eight core industries viz. Cement, Coal, Crude Oil, Electricity, Fertilizers, Natural Gas, Refinery Products and Steel.

The Eight Core Industries comprise 40.27% of the weight of items included in the Index of Industrial Production (IIP).