The combined Index of Eight Core Industries (ICI) exhibited a 6.7% increase (provisional) in February 2024 compared to February 2023. Notably, the production of Coal, Natural Gas, Cement, Steel, Crude Oil, Electricity, and Refinery Products demonstrated positive growth during February 2024. These details are outlined in Annex I for annual indices and Annex II for monthly indices and growth rates.

The ICI serves to evaluate the collective and individual performance of eight core industries, namely Cement, Coal, Crude Oil, Electricity, Fertilizers, Natural Gas, Refinery Products, and Steel. These industries collectively account for 40.27% of the weight of items included in the Index of Industrial Production (IIP).

Additionally, the final growth rate of the Index of Eight Core Industries for November 2023 has been revised to 7.9%. The cumulative growth rate of the ICI from April to February 2023-24 stands at 7.7% (provisional) compared to the corresponding period of the previous year.

A summary of the Index of Eight Core Industries is provided below:

  • Cement: Production increased by 10.2% in February 2024 compared to February 2023, with a cumulative index rise of 9.1% during April to February 2023-24.
  • Coal: Production rose by 11.6% in February 2024 compared to February 2023, with a cumulative index increase of 12.1% during April to February 2023-24.
  • Crude Oil: Production increased by 7.9% in February 2024 compared to February 2023, with a cumulative index rise of 0.5% during April to February 2023-24.
  • Electricity: Generation increased by 6.3% in February 2024 compared to February 2023, with a cumulative index rise of 6.8% during April to February 2023-24.
  • Fertilizers: Production declined by 9.5% in February 2024 compared to February 2023, with a cumulative index increase of 4.1% during April to February 2023-24.
  • Natural Gas: Production increased by 11.3% in February 2024 compared to February 2023, with a cumulative index rise of 6.0% during April to February 2023-24.
  • Petroleum Refinery Products: Production increased by 2.6% in February 2024 compared to February 2023, with a cumulative index rise of 3.8% during April to February 2023-24.
  • Steel: Production increased by 8.4% in February 2024 compared to February 2023, with a cumulative index rise of 12.9% during April to February 2023-24.

It’s important to note that data for December 2023, January 2024, and February 2024 are provisional, and index numbers of Core Industries are subject to revision based on updated data from source agencies. Additionally, since April 2014, Electricity generation data from Renewable sources have been included. The industry-wise weights indicated are individual industry weights derived from IIP and adjusted pro rata to a combined weight of ICI equal to 100.

Furthermore, since March 2019, a new steel product called Hot Rolled Pickled and Oiled (HRPO) within the production of finished steel has been included. The release of the index for March 2024 is scheduled for Tuesday, April 30, 2024.

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