Combined Index of Eight Core Industries increases by 3.6 per cent (provisional) in Jan 2024 as compared to Index of Jan 2023

The combined Index of Eight Core Industries (ICI) increased by 3.6 per cent (provisional) in January 2024 as compared to the Index of January 2023. The production of Coal, Steel, Cement, Natural Gas, Electricity and Crude Oil recorded positive growth in January 2024. The details of annual and monthly indices and growth rates are provided at Annex I and Annex II respectively.

The ICI measures the combined and individual performance of production of eight core industries viz. Cement, Coal, Crude Oil, Electricity, Fertilizers, Natural Gas, Refinery Products and Steel. The Eight Core Industries comprise 40.27 percent of the weight of items included in the Index of Industrial Production (IIP).

The final growth rate of Index of Eight Core Industries for October 2023 is revised to 12.7 per cent. The cumulative growth rate of ICI during April to January, 2023-24 is 7.7 per cent (provisional) as compared to the corresponding period of last year.

The summary of the Index of Eight Core Industries is given below:

Cement - Cement production (weight: 5.37 per cent) increased by 5.6 per cent in January, 2024 over January, 2023. Its cumulative index increased by 9.0 per cent during April to January, 2023-24 over corresponding period of the previous year.

Coal - Coal production (weight: 10.33 per cent) increased by 10.2 per cent in January, 2024 over January, 2023. Its cumulative index increased by 12.2 per cent during April to January, 2023-24 over corresponding period of the previous year.

Crude Oil - Crude Oil production (weight: 8.98 per cent) increased by 0.7 per cent in January, 2024 over January, 2023. Its cumulative index declined by 0.2 per cent during April to January, 2023-24 over corresponding period of the previous year.

Electricity - Electricity generation (weight: 19.85 per cent) increased by 5.2 per cent in January, 2024 over January, 2023. Its cumulative index increased by 6.8 per cent during April to January, 2023-24 over corresponding period of the previous year.

Fertilizers - Fertilizer production (weight: 2.63 per cent) declined by 0.6 per cent in January, 2024 over January, 2023. Its cumulative index increased by 5.5 per cent during April to January, 2023-24 over corresponding period of the previous year.

Natural Gas - Natural Gas production (weight: 6.88 per cent) increased by 5.5 per cent in January, 2024 over January, 2023. Its cumulative index increased by 5.6 per cent during April to January, 2023-24 over corresponding period of the previous year.

Petroleum Refinery Products - Petroleum Refinery production (weight: 28.04 per cent) declined by 4.3 per cent in January, 2024 over January, 2023. Its cumulative index increased by 3.9 per cent during April to January, 2023-24 over corresponding period of the previous year.

Steel - Steel production (weight: 17.92 per cent) increased by 7.0 per cent in January, 2024 over January, 2023. Its cumulative index increased by 13.1 per cent during April to January, 2023-24 over corresponding period of the previous year.

Note 1: Data for November, 2023, December, 2023 and January, 2024 are provisional. Index numbers of Core Industries are revised/finalized as per updated data from source agencies.

Note 2: Since April 2014, Electricity generation data from Renewable sources are also included.

Note 3: The industry-wise weights indicated above are individual industry weights derived from IIP and blown up on pro rata basis to a combined weight of ICI equal to 100.

Note 4: Since March 2019, a new steel product called Hot Rolled Pickled and Oiled (HRPO) under the item ‘Cold Rolled (CR) coils’ within the production of finished steel has also been included.

Note 5: Release of the index for February, 2024 will be on Thursday 28^th March, 2024.

Annex I

Performance of Eight Core Industries

Yearly Index & Growth Rate

Base Year: 2011-12=100

Index

       *Provisional

Growth Rates (on Y-o-Y basis in per cent)

      *Provisional.

      Y-o-Y is calculated over the corresponding financial year of previous year

Annex II

Performance of Eight Core Industries

Monthly Index & Growth Rate

Base Year: 2011-12=100

Index

       *Provisional

Growth Rates (on Y-o-Y basis in per cent)

      *Provisional.

      Y-o-Y is calculated over the corresponding month of previous year.