The coal sector has demonstrated highest growth of 10.2% (provisional), for the month of May 2024 as per the Index of Eight Core Industries (ICI)) released by Ministry of Commerce & Industries.
Reacting on the growth numbers, the Ministry of Coal said the driving force behind this remarkable growth can be attributed to a significant surge in coal production during May 2024, with output reaching an impressive 83.91 million tonnes, marking a remarkable increase of 10.15% compared to the same period in the previous year.
This surge in production underscores the sector’s capacity to meet growing demand of energy and manufacturing industries, it said.
Notably, the index of coal industry has reached 184.7 points during May, 2024 as compared to 167.6 points during the same period of last year and its cumulative index has increased by 8.9% during April to May, 2024-25 over corresponding period of the previous year.
The Combined Index of Eight Core Industries experienced a notable 6.3% increase in May 2024, compared to the same period of previous year, underscoring the coal sector’s substantial contribution to overall industrial expansion.
The coal industry has consistently outperformed its counterparts, demonstrating higher growth than the overall growth of eight core industries in last two financial years.
ICI measures the combined and individual production performance of eight core industries, viz. cement, coal, crude oil, electricity, fertilizers, natural gas, refinery products, and steel.
As per the recent data released by the Ministry of Commerce & Industry, the combined Index of Eight Core Industries increased by 6.3% (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.
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.