Production of Cement, Coal, Electricity, Natural Gas, Steel and Crude Oil record positive growth
New Delhi, NFAPost: The combined Index of Eight Core Industries (ICI) increased by 5.2% (provisional) in March, 2024 as compared to the Index in March, 2023. The production of Cement, Coal, Electricity, Natural Gas, Steel and Crude Oil recorded positive growth in March 2024.
According to Arvian Research, the growth registered in the Index of Core Industries (ICI) shows the resilience of Indian economy compared with global industries.
“It is a reality that the eight core industries comprise 40.27% of the weight of items included in the Index of Industrial Production (IIP). So the growth of almost halp of IIP is based on these ICI. If they show their resilience against global turbulence we can say firmly that Indian economy is strong enough to wade through challenging phase,” said Arvian Consultng.
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 final growth rate of Index of Eight Core Industries for December 2023 is revised to 5.0%. The cumulative growth rate of ICI during 2023-24 reported 7.5% (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%) increased by 10.6% in March, 2024 over March, 2023. Its cumulative index increased by 9.1% during 2023-24 over corresponding period of the previous year.
Coal – Coal production (weight: 10.33%) increased by 8.7% in March, 2024 over March, 2023. Its cumulative index increased by 11.7% during 2023-24 over corresponding period of the previous year.
Crude Oil – Crude Oil production (weight: 8.98%) increased by 2.0% in March, 2024 over March, 2023. Its cumulative index increased by 0.6% during 2023-24 over corresponding period of the previous year.
Electricity – Electricity generation (weight: 19.85%) increased by 8.05% in March, 2024 over March, 2023. Its cumulative index increased by 7.0% during 2023-24 over corresponding period of the previous year.
Fertilizers – Fertilizer production (weight: 2.63%) declined by 1.3% in March 2024 over March, 2023. Its cumulative index increased by 3.7% during 2023-24 over corresponding period of the previous year.
Natural Gas – Natural Gas production (weight: 6.88%) increased by 6.3% in March, 2024 over March, 2023. Its cumulative index increased by 6.1% during 2023-24 over corresponding period of the previous year.
Petroleum Refinery Products – Petroleum Refinery production (weight: 28.04%) declined by 0.3% in March, 2024 over March, 2023. Its cumulative index increased by 3.4% during 2023-24 over corresponding period of the previous year.
Steel – Steel production (weight: 17.92%) increased by 5.5% in March, 2024 over March, 2023. Its cumulative index increased by 12.3% during 2023-24 over corresponding period of the previous year.
