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:

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

Here is a concise table with key points relevant for exam preparation:

Key Points Details
Why in News Index of Eight Core Industries (ICI) declined by 1.8% in August 2024, with positive growth in Steel and Fertilizers sectors.
Eight Core Industries Cement, Coal, Crude Oil, Electricity, Fertilizers, Natural Gas, Refinery Products, Steel.
Weight in IIP These industries account for 40.27% of the weight in the Index of Industrial Production (IIP).
Coal Production Declined by 8.1%, cumulative growth of 6.5% from April-August 2024.
Crude Oil Production Declined by 3.4%, cumulative decrease of 1.7%.
Natural Gas Production Declined by 3.6%, cumulative growth of 2.6%.
Petroleum Refinery Products Declined by 1.0%, cumulative growth of 1.7%.
Fertilizers Production Increased by 3.2%, cumulative growth of 1.7%.
Steel Production Increased by 4.5%, cumulative growth of 7.3%.
Cement Production Declined by 3.0%, cumulative growth of 0.7%.
Electricity Production Declined by 5.0%, cumulative growth of 6.8%.
Overall Growth Rate Cumulative growth rate for April-August 2024 stands at 4.6% compared to the previous year.
Index Values (Aug 2024) Coal: 138.2 (-8.1%), Crude Oil: 75.7 (-3.4%), Natural Gas: 77.4 (-3.6%), Petroleum Refinery: 134.0 (-1.0%), Fertilizers: 137.5 (3.2%), Steel: 207.4 (4.5%), Cement: 176.5 (-3.0%), Electricity: 209.4 (-5.0%).
Overall Index Index Value: 155.8, Growth Rate: -1.8%.

Piyush Shukla

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