Index of Eight Core Industries for August 2024

The Index of Eight Core Industries (ICI) serves as a crucial indicator of the industrial health of the economy. In August 2024, the combined index declined by 1.8% compared to August 2023. However, production in the Steel and Fertilizers sectors demonstrated positive growth during the same period.

Key Highlights

The Eight Core Industries include:

• Cement
• Coal
• Crude Oil
• Electricity
• Fertilizers
• Natural Gas
• Refinery Products
• Steel

These industries collectively account for 40.27% of the weight in the Index of Industrial Production (IIP).

Sector-wise Performance in August 2024

• Coal: Production decreased by 8.1% compared to August 2023, but the cumulative index rose 6.5% from April to August 2024.
• Crude Oil: Experienced a 3.4% decline in production, with a cumulative index decrease of 1.7% during the same period.
• Natural Gas: Production fell by 3.6%, while the cumulative index saw an increase of 2.6%.
• Petroleum Refinery Products: Declined by 1.0% in August but showed a cumulative growth of 1.7%.
• Fertilizers: Increased production by 3.2% and a cumulative rise of 1.7%.
• Steel: Produced 4.5% more than in the previous year, with a cumulative index increase of 7.3%.
• Cement: Production fell by 3.0%, with a cumulative increase of 0.7%.
• Electricity: Declined by 5.0%, but the cumulative index increased by 6.8%.

Overall Growth Rates

• The final growth rate for May 2024 was 6.9%.
• The cumulative growth rate from April to August 2024 stands at 4.6% compared to the same period in the previous year.

Index Values

Here are the index values for key sectors in August 2024: