India's eight core industries have achieved growth in September
By Team Newsable | First Published Oct 31, 2023, 5:41 PM ISTNotable growth was observed in Coal, Electricity, Fertilizers, Natural Gas, Petroleum Refinery Products, and Steel, contributing to the overall increase. These core industries play a pivotal role in India's industrial landscape, reflecting economic vitality.
The combined Index of eight Core Industries (ICI) in India exhibited a notable increase of 8.1 per cent in September 2023 in comparison to the corresponding month of September 2022. This index encompasses eight vital sectors, namely cement, coal, crude oil, electricity, fertilizers, natural gas, petroleum refinery products, and steel, and it holds a weightage of 40.27 per cent in the Index of Industrial Production (IIP), reflecting its substantial influence on the industrial landscape. Let's break down the performance of these core industries for September 2023:
Cement Production: With a weight of 5.37 per cent in the ICI, cement production observed a 4.7 per cent increase in September 2023 compared to the previous year. Over the cumulative period of April to September 2023-24, cement production increased by a substantial 11.5 per cent compared to the corresponding period in the previous year.
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Coal Production: Holding a weightage of 10.33 per cent in the ICI, coal production showed an impressive growth of 16.1 per cent in September 2023 when contrasted with September 2022. Over the cumulative April to September 2023-24 timeframe, coal production recorded a substantial 12.2 per cent increase compared to the same period in the preceding year.
Crude Oil Production: With a weight of 8.98 per cent in the ICI, crude oil production underwent a marginal decline of 0.4 per cent in September 2023 compared to the corresponding month of 2022. The cumulative index for crude oil also declined by 0.4 per cent during the April to September 2023-24 period when juxtaposed with the equivalent period of the previous year.
Electricity generation: With a weight of 19.85 per cent in the ICI, electricity generation saw a substantial growth of 9.3 per cent in September 2023 in comparison to September 2022. The cumulative index for electricity generation from April to September 2023-24 increased by 6.0 per cent compared to the equivalent period in the preceding year.
Fertilizer Production: Holding a weightage of 2.63 per cent in the ICI, fertilizer production witnessed a positive growth of 4.2 per cent in September 2023 when compared to the same month in 2022. Over the cumulative April to September 2023-24 period, fertilizer production recorded a notable 7.0 per cent increase compared to the corresponding period in the previous year.
Natural Gas Production: With a weight of 6.88 per cent in the ICI, natural gas production exhibited an increase of 6.5 per cent in September 2023 when compared to September 2022. Over the cumulative April to September 2023-24 period, the natural gas production index indicated a 4.3 per cent increase compared to the equivalent period in the preceding year.
Petroleum Refinery Products Production: With the highest weightage of 28.04 per cent in the ICI, petroleum refinery products production recorded a growth of 5.5 per cent in September 2023 compared to September 2022. The cumulative index for petroleum refinery products in the April to September 2023-24 period showed a 4.0 per cent increase compared to the same period in the previous year.
Steel production: With a weight of 17.92 per cent in the ICI, steel production has demonstrated a substantial growth of 9.6 per cent in September 2023 when compared to September 2022. Over the cumulative April to September 2023-24 period, steel production registered a significant 14.2 per cent increase compared to the equivalent period in the preceding year.
The final growth rate for the Index of eight core Industries in June 2023 was revised to 8.4 per cent. The cumulative growth rate of the ICI during the April to September 2023-24 period is provisionally noted at 7.8 per cent in comparison to the corresponding period of the previous year. These developments underscore the robust performance and contributions of these core sectors to India's industrial landscape.
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