Core Industries Show Robust Growth in February 2024

The Index of Eight Core Industries (ICI) witnessed a significant 6.7% increase (provisional) in February 2024 compared to the same month in 2023. This growth was driven by positive performances across various sectors, including Coal, Natural Gas, Cement, Steel, Crude Oil, Electricity, and Refinery Products.

Overall Performance

• The ICI measures the combined output of eight core industries: Cement, Coal, Crude Oil, Electricity, Fertilizers, Natural Gas, Refinery Products, and Steel.
• These core industries contribute 40.27% of the weight in the Index of Industrial Production (IIP).
• The cumulative growth rate of the ICI during April to February 2023-24 stood at an impressive 7.7% (provisional) compared to the corresponding period of the previous year.

Sector-wise Highlights

1. Cement: Production increased by 10.2% in February 2024 compared to February 2023. The cumulative index rose by 9.1% during April to February 2023-24.
2. Coal: Production witnessed an 11.6% increase in February 2024 compared to the same month last year. The cumulative index saw a 12.1% rise during April to February 2023-24.
3. Crude Oil: Production increased by 7.9% in February 2024 compared to February 2023. The cumulative index grew by 0.5% during April to February 2023-24.
4. Electricity: Generation increased by 6.3% in February 2024 compared to the same month last year. The cumulative index rose by 6.8% during April to February 2023-24.
5. Fertilizers: Production declined by 9.5% in February 2024 compared to February 2023. However, the cumulative index increased by 4.1% during April to February 2023-24.
6. Natural Gas: Production increased by 11.3% in February 2024 compared to February 2023. The cumulative index rose by 6% during April to February 2023-24.
7. Petroleum Refinery Products: Production increased by 2.6% in February 2024 compared to February 2023. The cumulative index grew by 3.8% during April to February 2023-24.
8. Steel: Production increased by 8.4% in February 2024 compared to February 2023. The cumulative index witnessed a remarkable 12.9% rise during April to February 2023-24.

The robust performance of the core industries in February 2024 is a positive indicator of the overall economic growth and industrial activity in the country.