The combined Index of Eight Core Industries (ICI) increased by 7.8 per cent in November 2023 as compared to the Index of November last year, the Ministry of Commerce & Industry said on Friday.
According to the data released by the ministry, the production of coal, electricity, fertilizers, natural gas, refinery products and steel recorded positive growth in November 2023.
The Eight Core Industries comprise 40.27% of the weight of items included in the Index of Industrial Production (IIP).
The cumulative growth rate of ICI from April to November, 2023-24 is 8.6% as compared to the corresponding period of last year.
The final growth rate of the Index of Eight Core Industries for August 2023 is revised to 13.4 per cent.
In November, the cement production decreased by 3.6% while its cumulative index increased by 10.3% from April to November 2023-24 over the corresponding period of the previous year.
Coal production increased by 10.9% in November, and its cumulative index increased by 12.8% from April to November, 2023-24 over the corresponding period of the previous year.
Crude oil production decreased by 0.4% in November while its cumulative index declined by 0.2% from April to November. Electricity generation increased by 5.6% with a cumulative index increase of 7.7% from April to November.
Fertilizer production increased by 3.4%, natural gas increased by 7.6%, petroleum refinery increased by 12.4%, and steel production increased by 9.1%. For the April to November period, their cumulative index increased by 6.3%, 5.4%, 5%, and 14.2%, respectively.
Recently, Assocham said India is likely to remain the fastest-growing major economy in the world in 2024.
The consumer demand will lead to a pick-up in investment across sectors such as construction, hospitality and infrastructure, including railways and aviation.
India retained the tag of the world’s fastest-growing major economy, with its GDP expanding by a faster-than-expected rate of 7.6% in the July-September quarter on booster shots from government spending and manufacturing.