Index of Eight Core Industries increase by 3.6 percent in January 2024

In January 2024, the Combined Index of Eight Core Industries (ICI) demonstrated a notable increase of 3.6 percent (provisional) compared to January 2023. This index reflects the collective performance of critical sectors including Cement, Coal, Crude Oil, Electricity, Fertilizers, Natural Gas, Petroleum Refinery Products, and Steel. These industries collectively constitute 40.27 percent of the Index of Industrial Production (IIP), highlighting their significant contribution to the industrial landscape.

Key Highlights by Sector

Cement:

• Cement production witnessed a robust growth of 5.6 percent in January 2024 compared to January 2023.
• The cumulative index for Cement increased by 9.0 percent during April to January 2023-24 over the corresponding period of the previous year.

Coal:

• Coal production surged by 10.2 percent in January 2024 compared to January 2023.
• The cumulative index for Coal recorded an impressive increase of 12.2 percent during April to January 2023-24 over the corresponding period of the previous year.

Crude Oil:

• Crude Oil production showed a modest growth of 0.7 percent in January 2024 compared to January 2023.
• However, the cumulative index for Crude Oil declined by 0.2 percent during April to January 2023-24 over the corresponding period of the previous year.

Electricity:

• Electricity generation exhibited a substantial growth of 5.2 percent in January 2024 compared to January 2023.
• The cumulative index for Electricity increased by 6.8 percent during April to January 2023-24 over the corresponding period of the previous year.

Fertilizers:

• Fertilizer production experienced a slight decline of 0.6 percent in January 2024 compared to January 2023.
• Nevertheless, the cumulative index for Fertilizers increased by 5.5 percent during April to January 2023-24 over the corresponding period of the previous year.

Natural Gas:

• Natural Gas production showcased a notable growth of 5.5 percent in January 2024 compared to January 2023.
• The cumulative index for Natural Gas increased by 5.6 percent during April to January 2023-24 over the corresponding period of the previous year.

Petroleum Refinery Products:

• Petroleum Refinery production observed a decline of 4.3 percent in January 2024 compared to January 2023.
• However, the cumulative index for Petroleum Refinery Products increased by 3.9 percent during April to January 2023-24 over the corresponding period of the previous year.

Steel:

• Steel production recorded a substantial growth of 7.0 percent in January 2024 compared to January 2023.
• The cumulative index for Steel surged by 13.1 percent during April to January 2023-24 over the corresponding period of the previous year.