Combined index of eight core industries increases by 5.2% in March

Eight core industries including cement, coal, electricity and natural gas recorded a 5.2 per cent growth in March compared to the corresponding period last year, according to data released by the Commerce and Industry Ministry on Tuesday.

"The combined Index of Eight Core Industries (ICI) increased by 5.2 per cent (provisional) in March, 2024 as compared to the Index in March, 2023," an official release said.

Production of cement, coal, electricity, natural gas, steel and crude oil recorded positive growth in March 2024.

The ICI measures the combined and individual performance of production of eight core industries - cement, coal, crude oil, electricity, fertilizers, natural gas, refinery products and steel. The eight core industries comprise 40.27 per cent of the weight of items included in the Index of Industrial Production (IIP).

The release said that the final growth rate of the Index of Eight Core Industries for December 2023 is revised to 5 per cent. The cumulative growth rate of ICI during 2023-24 reported 7.5 per cent (provisional) as compared to the corresponding period of last year.

Cement production, with a weight of 5.37 per cent, increased by 10.6 per cent in March 2024 over March 2023. Its cumulative index rose by 9.1 per cent during 2023-24 compared to the corresponding period of the previous year.

Coal production, accounting for 10.33 per cent of the ICI, increased by 8.7 per cent in March 2024 over March 2023. Its cumulative index rose by 11.7 per cent during 2023-24 compared to the corresponding period of the previous year.

Crude Oil production, with a weight of 8.98 per cent, increased by 2.0 per cent in March 2024 over March 2023. Its cumulative index increased by 0.6 per cent during 2023-24 compared to the corresponding period of the previous year.

Electricity generation, representing 19.85 per cent of the ICI, increased by 8.0 per cent in March 2024 over March 2023. Its cumulative index increased by 7.0 per cent during 2023-24 compared to the corresponding period of the previous year.

Fertilizer production, with a weight of 2.63 per cent, declined by 1.3 per cent in March 2024 over March 2023. However, its cumulative index increased by 3.7 per cent during 2023-24 compared to the corresponding period of the previous year.

Natural Gas production, representing 6.88 per cent of the ICI, increased by 6.3 per cent in March 2024 over March 2023. Its cumulative index increased by 6.1 per cent during 2023-24 compared to the corresponding period of the previous year.

Petroleum Refinery production, with a weight of 28.04 per cent, declined by 0.3 per cent in March 2024 over March 2023. Its cumulative index increased by 3.4 per cent during 2023-24 compared to the corresponding period of the previous year.

Steel production, representing 17.92 per cent of the ICI, increased by 5.5 per cent in March 2024 over March 2023. Its cumulative index increased by 12.3 per cent during 2023-24 compared to the corresponding period of the previous year.

The Ministry of Commerce and Industry not d that the data for January 2024, February 2024, and March 2024 are provisional. Index numbers of Core Industries are revised/finalized as per updated data from source agencies.