The latest data released by the Indian government indicates a notable uptick in the nation's core industries, with the Combined Index of Eight Core Industries (ICI) showing a 6.7% increase in February 2024 compared to the same period last year.
According to the provisional report issued by the Ministry of Commerce & Industry in Delhi today, key sectors including Coal, Natural Gas, Cement, Steel, Crude Oil, Electricity, and Refinery Products contributed positively to this growth trajectory during the stated period.
The ICI, which serves as a barometer for the performance of critical sectors such as Cement, Coal, Crude Oil, Electricity, Fertilizers, Natural Gas, Refinery Products, and Steel, accounts for a significant 40.27% weight in the Index of Industrial Production (IIP).
Breaking down the specifics, Cement production witnessed a robust growth of 10.2% in February 2024 compared to the same month last year, with a cumulative index increase of 9.1% during April to February 2023-24 over the corresponding period of the previous year. Coal production also surged by 11.6%, while Crude Oil production saw a notable uptick of 7.9%.
Electricity generation, with a substantial weight of 19.85% in the ICI, increased by 6.3% in February 2024 over February 2023. However, the Fertilizers sector experienced a decline of 9.5% during the same period.
Natural Gas production witnessed a significant upswing of 11.3%, contributing positively to the overall growth trend, while Petroleum Refinery Products recorded a more modest increase of 2.6%.
Steel production, which holds a weightage of 17.92% in the ICI, exhibited a noteworthy growth of 8.4% in February 2024 compared to the same month in the previous year, with a cumulative index increase of 12.9% during April to February 2023-24 over the corresponding period of the previous year.
Furthermore, the report revised the final growth rate of the Index of Eight Core Industries for November 2023 to 7.9%, with the cumulative growth rate of ICI during April to February 2023-24 standing at 7.7% (provisional), compared to the corresponding period of the previous year.
Individual Industries' Performance in ebruary 2024 over February 2023.:
- Cement Production: Increased by 10.2%
- Coal Production: Increased by 11.6%
- Crude Oil Production: Increased by 7.9%
- Electricity Generation: Increased by 6.3%
- Fertilizer Production: Declined by 9.5%
- Natural Gas Production: Increased by 11.3%
- Petroleum Refinery Production: Increased by 2.6%
- Steel Production: Increased by 8.4%
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