Index of Eight Core Industries increases by 3.8 per cent (provisional) in Dec 2023 as compared to Dec 2022

The combined Index of Eight Core Industries (ICI) increased by 3.8per cent (provisional) in December 2023 as compared to the Index of December 2022. The production of Coal, Natural Gas, Steel, Fertilizers, Refinery Products, Cement and Electricity recorded positive growth in December 2023. The details of annual and monthly indices and growth rates are provided at Annex I and Annex II respectively.

The ICI measures 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 percent of the weight of items included in the Index of Industrial Production (IIP).

The final growth rate of Index of Eight Core Industries for September2023 is revised to 9.4per cent. The cumulative growth rate of ICI during April to December, 2023-24is 8.1per cent(provisional) as compared to the corresponding period of last year.

The summary of the Index of Eight Core Industries is given below:

Cement – Cement production (weight: 5.37 per cent) increased by 1.3 per cent in December, 2023 over December, 2022. Its cumulative index increased by 9.2 per cent during April to December, 2023-24 over corresponding period of the previous year.

Coal – Coal production (weight: 10.33 per cent) increased by 10.6 per cent in December, 2023 over December, 2022. Its cumulative index increased by 12.5 per cent during April to December, 2023-24 over corresponding period of the previous year.

Crude Oil – Crude Oil production (weight: 8.98 per cent) decreased by 1.0 per cent in December, 2023 over December, 2022. Its cumulative index declined by 0.3 per cent during April to December, 2023-24 over corresponding period of the previous year.

Electricity – Electricity generation (weight: 19.85 per cent) increased by 0.6 per cent in December, 2023 over December, 2022. Its cumulative index increased by 6.9 per cent during April to December, 2023-24 over corresponding period of the previous year.

Fertilizers – Fertilizer production (weight: 2.63 per cent) increased by 5.8 per cent in December, 2023 over December, 2022. Its cumulative index increased by 6.2 per cent during April to December, 2023-24 over corresponding period of the previous year.

Natural Gas – Natural Gas production (weight: 6.88 per cent) increased by 6.6 per cent in December, 2023 over December, 2022. Its cumulative index increased by 5.6 per cent during April to December, 2023-24 over corresponding period of the previous year.

Petroleum Refinery Products – Petroleum Refinery production (weight: 28.04 per cent) increased by 2.6 per cent in December, 2023 over December, 2022. Its cumulative index increased by 4.7 per cent during April to December, 2023-24 over corresponding period of the previous year.

Steel – Steel production (weight: 17.92 per cent) increased by 5.9 per cent in December, 2023 over December, 2022. Its cumulative index increased by 13.3 per cent during April to December, 2023-24 over corresponding period of the previous year.

Note 1: Data for October, 2023, November, 2023 and December, 2023are provisional. Index numbers of Core Industries are revised /finalized as per updated data from source agencies.

Note 2: Since April 2014, Electricity generation data from Renewable sources are also included.

Note 3: The industry-wise weights indicated above are individual industry weights derived from IIP and blown up on pro rata basis to a combined weight of ICI equal to 100.

Note 4: Since March 2019, a new steel product called Hot Rolled Pickled and Oiled (HRPO) under the item ‘Cold Rolled (CR) coils’ within the production of finished steel has also been included.

Note 5: Release of the index for January, 2024 will be on Thursday 29^th February, 2024.

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