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India's Eight Core Industries Register 3.8% Growth in December 2023

  • 02 Feb 2024

The Index of Eight Core Industries (ICI), release by the Commerce and Industry Ministry on 31st January, 2024, displayed a provisional increase of 3.8% in December 2023 compared to the same month in 2022.

  • Notably, Coal, Natural Gas, Steel, Fertilizers, Refinery Products, Cement, and Electricity all contributed to positive growth during this period.

Key Points

  • Core Industries Composition: The ICI assesses the collective and individual production performance of eight core industries: Cement, Coal, Crude Oil, Electricity, Fertilizers, Natural Gas, Refinery Products, and Steel.
  • These eight industries account for 40.27% of the weight in the Index of Industrial Production (IIP).
  • Revised Growth Rate: The final growth rate for the Index of Eight Core Industries in September 2023 has been revised to 9.4%.
  • The cumulative growth rate of ICI from April to December 2023 is 8.1% (provisional), compared to the same period in the previous year.
  • Individual Industry Highlights:
    • Cement: Production increased by 1.3% in December 2023 and cumulatively rose by 9.2% from April to December 2023.
    • Coal: Production grew by 10.6% in December 2023 and cumulatively increased by 12.5% from April to December 2023.
    • Crude Oil: Production decreased by 1.0% in December 2023, with a cumulative decline of 0.3% from April to December 2023.
    • Electricity: Generation increased by 0.6% in December 2023, with a cumulative rise of 6.9% from April to December 2023.
    • Fertilizers: Production saw a 5.8% increase in December 2023 and a cumulative growth of 6.2% from April to December 2023.
    • Natural Gas: Production grew by 6.6% in December 2023 and cumulatively increased by 5.6% from April to December 2023.
    • Petroleum Refinery Products: Production increased by 2.6% in December 2023, with a cumulative rise of 4.7% from April to December 2023.
    • Steel: Production recorded a 5.9% increase in December 2023 and a cumulative growth of 13.3% from April to December 2023.