The combined Index of Eight Core Industries (ICI) experienced a provisional decline of 1.8 percent in August 2024 compared to August 2023. Except for Steel and Fertilizers, all other six core sectors showed negative year-on-year growth for August 2024.
The ICI tracks both the overall and individual production performance of eight core industries: Cement, Coal, Crude Oil, Electricity, Fertilizers, Natural Gas, Petroleum Refinery Products, and Steel. These industries together account for 40.27 percent of the weightage in the Index of Industrial Production (IIP).
A breakdown of ICI shows:
- Fertilizer production rose by 3.2 percent in August 2024 over August 2023. The cumulative index for April to August 2024-25 grew by 1.7 percent compared to the previous year.
- Steel production saw a 4.5 percent increase in August 2024 compared to August 2023. The cumulative index grew by 7.3 percent for the same period.
Conversely, Cement production dropped by 3.0 percent in August 2024, though its cumulative index for April to August 2024-25 increased by 0.7 percent year-on-year.
Similarly, Coal production fell by 8.1 percent in August 2024, but its cumulative index rose by 6.5 percent for the April to August period. Crude Oil production saw a 3.4 percent decline in August 2024, with the cumulative index falling by 1.7 percent. Natural Gas production decreased by 3.6 percent in August 2024, while its cumulative index grew by 2.6 percent. Petroleum Refinery Products production declined by 1.0 percent, but the cumulative index rose by 1.7 percent.
Lastly, Electricity generation dropped by 5.0 percent in August 2024, but its cumulative index showed a 6.8 percent increase for April to August.
For May 2024, the final ICI growth rate was 6.9 percent, while the cumulative growth rate for April to August 2024-25 is provisionally recorded at 4.6 percent, compared to the same period last year.


