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:
Sector | Weight (%) | Index Value (Aug 2024) | Growth Rate (%) |
---|---|---|---|
Coal | 10.33 | 138.2 | -8.1 |
Crude Oil | 8.98 | 75.7 | -3.4 |
Natural Gas | 6.88 | 77.4 | -3.6 |
Petroleum Refinery | 28.04 | 134.0 | -1.0 |
Fertilizers | 2.63 | 137.5 | 3.2 |
Steel | 17.92 | 207.4 | 4.5 |
Cement | 5.37 | 176.5 | -3.0 |
Electricity | 19.85 | 209.4 | -5.0 |
Overall Index | 100.00 | 155.8 | -1.8 |