The eight core industries comprise 40.27 per cent of the weight of items included in the Index of Industrial Production (IIP).
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Eight core sectors in India grew at 5.2 per cent in March on an annual basis as compared to the Index in March-2023, the Ministry of Commerce & Industry said on Tuesday.
Further, the index had grown by 7.1% in February 2024 and 4.1% in January 2024, and stood at 4.2% in March 2023.
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The Ministry further said that the production of Cement, Coal, Electricity, Natural Gas, Steel and Crude Oil recorded positive growth in March 2024.
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The cumulative growth rate of ICI during 2023-24 was reported at 7.5% (provisional) as compared to the corresponding period of last year.
Amongst these eight core industries, cement production registered the highest increase by 10.6% in March, 2024 over March, 2023. Its cumulative index increased by 9.1% during 2023-24 over corresponding period of the previous year.
Coal production increased by 8.7% yoy in March with its cumulative index increased by 11.7% during 2023-24 over corresponding period of the previous year.
Further, the electricity generation spiked by 8% and cumulative index increased by 7% during 2023-24.
Natural Gas production and steel production increased by 6.3% and 5.5% in March with their cumulative index increased by 6.1% and 12.3% during 2023-24 yoy.
In March, the Crude Oil production increased by 2% in March while its cumulative index increased by 0.6%.
Fertilizer production declined by 1.3% in March with its cumulative index increased by 3.7% during 2023-24.
Meanwhile, the Petroleum Refinery production declined by 0.3% in March, 2024. Its cumulative index increased by 3.4% during 2023-24 yoy.
Notably, the Ministry of Commerce & Industry also said that the final growth rate of Index of Eight Core Industries for December 2023 is revised to 5%.
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 per cent of the weight of items included in the Index of Industrial Production (IIP).
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