The latest data reveals a 5.2 percent increase in the combined Index of Eight Core Industries (ICI) for March 2024 compared to March 2023. Among the core industries, Cement, Coal, Electricity, Natural Gas, Steel, and Crude Oil showed positive growth during March 2024.
The ICI serves as a gauge for the collective and individual performances of eight core industries: Cement, Coal, Crude Oil, Electricity, Fertilizers, Natural Gas, Refinery Products, and Steel. These sectors carry significant weight, accounting for 40.27 percent of items included in the Index of Industrial Production (IIP).
Revisiting December 2023, the final growth rate of the Index of Eight Core Industries stands at 5.0 percent. Looking at the cumulative growth rate for the fiscal year 2023-24, it is reported at 7.5 percent (provisional), comparing favourably to the corresponding period of the previous year.
Among the eight core industries, Cement production saw a notable increase of 10.6 percent in March 2024 compared to March 2023. Its cumulative index for 2023-24 expanded by 9.1 percent over the previous year.
Coal production exhibited a solid growth of 8.7 percent in March 2024 compared to March 2023. Its cumulative index for 2023-24 rose by 11.7 percent over the previous year.
Crude Oil production experienced a modest increase of 2.0 percent in March 2024 compared to March 2023. Its cumulative index for 2023-24 grew by 0.6 percent over the previous year.
Electricity generation surged by 8.0 percent in March 2024 compared to March 2023. Its cumulative index for 2023-24 showed a growth of 7.0 percent over the previous year.
Fertiliser production witnessed a decline of 1.3 percent in March 2024 compared to March 2023. Its cumulative index for 2023-24, however, increased by 3.7 percent over the previous year.
Natural Gas production demonstrated a healthy growth of 6.3 percent in March 2024 compared to March 2023. Its cumulative index for 2023-24 increased by 6.1 percent over the previous year.
Petroleum Refinery production faced a slight decline of 0.3 percent in March 2024 compared to March 2023. However, its cumulative index for 2023-24 grew by 3.4 percent over the previous year.
Steel production showcased a solid growth of 5.5 percent in March 2024 compared to March 2023. Its cumulative index for 2023-24 expanded by 12.3 percent over the previous year.
