New Delhi, May 31: The combined Index of Eight Core Industries (ICI) has shown a provisional growth of 3.5% in April 2023 compared to April 2022. Notably, the production of Fertilizers, Steel, Cement, and Coal witnessed an increase in April 2023 compared to the corresponding month last year. The ICI measures both the combined and individual performance of eight core industries, including Coal, Crude Oil, Natural Gas, Refinery Products, Fertilizers, Steel, Cement, and Electricity. These industries collectively contribute to 40.27% of the weight of items included in the Index of Industrial Production (IIP).
According to Annex I & II, the final growth rate of the Index of Eight Core Industries for January 2023 stands at 9.7%. Moreover, the cumulative growth rate of the ICI during the 2022-23 period has been reported at 7.7% (provisional), as compared to the corresponding period of the previous year.
Here is a summary of the performance of the Eight Core Industries:
Coal: Coal production (weight: 10.33%) witnessed a notable increase of 9.0% in April 2023 compared to April 2022. The cumulative index for coal production has increased by 14.9% during the 2022-23 period over the corresponding period of the previous year.
Crude Oil: Crude Oil production (weight: 8.98%) experienced a decline of 3.5% in April 2023 compared to April 2022. The cumulative index for crude oil production has declined by 1.7% during the 2022-23 period over the corresponding period of the previous year.
Natural Gas: Natural Gas production (weight: 6.88%) declined by 2.8% in April 2023 compared to April 2022. However, the cumulative index for natural gas production has increased by 1.6% during the 2022-23 period over the corresponding period of the previous year.
Petroleum Refinery Products: Petroleum Refinery production (weight: 28.04%) witnessed a decline of 1.5% in April 2023 compared to April 2022. Nevertheless, the cumulative index for petroleum refinery production has increased by 4.8% during the 2022-23 period over the corresponding period of the previous year.
Fertilizers: Fertilizers production (weight: 2.63%) experienced significant growth of 23.5% in April 2023 compared to April 2022. The cumulative index for fertilizers production has increased by 11.3% during the 2022-23 period over the corresponding period of the previous year.
Steel: Steel production (weight: 17.92%) showcased robust growth of 12.1% in April 2023 compared to April 2022. The cumulative index for steel production has increased by 8.9% during the 2022-23 period over the corresponding period of the previous year.
Cement: Cement production (weight: 5.37%) witnessed a significant increase of 11.6% in April 2023 compared to April 2022. The cumulative index for cement production has increased by 8.7% during the 2022-23 period over the corresponding period of the previous year.
Electricity: Electricity generation (weight: 19.85%) experienced a decline of 1.4% in April 2023 compared to April 2022. However, the cumulative index for electricity generation has increased by 8.9% during the 2022-
