Index of Eight Core Industries increases by 6.7% (provisional) in Feb 2024 as compared to Index of Feb 2023

index_of_eight_core_industries_increases_by_67pct_provisional_in_feb_2024_as_compared_to_index_of_feb_2023

Index of Eight Core Industries increases by 6.7% (provisional) in Feb 2024 as compared to Index of Feb 2023

Feb 2024’s provisional Eight Core Industries Index shows 6.7% growth over Feb 2023. Coal, Natural Gas, Cement, Steel, Crude Oil, Electricity, and Refinery Products exhibit positive growth. Feb 2024’s indices: Cement +10.2%, Coal +11.6%, Crude Oil +7.9%, Electricity +6.3%, Fertilizers -9.5%, Natural Gas +11.3%, Refinery Products +2.6%, Steel +8.4%.

Ministry of Commerce & Industry

Combined Index of Eight Core Industries increases by 6.7% (provisional) in Feb 2024 as compared to Index of Feb 2023

Production of Coal, Natural Gas, Cement, Steel, Crude Oil, Electricity and Refinery Products record positive growth in Feb 2024

INDEX OF EIGHT CORE INDUSTRIES (BASE: 2011-12=100) FOR FEBRUARY, 2024

Posted On: 28 MAR 2024 5:00PM by PIB Delhi

The combined Index of Eight Core Industries (ICI) increased by 6.7per cent (provisional) in February 2024 as compared to the Index of February 2023. The production of Coal, Natural Gas, Cement, Steel, Crude Oil, Electricity and Refinery Products recorded positive growth in February 2024. The details of annual and monthly indices and growth rates are provided at Annex I and Annex II respectively.

index_of_eight_core_industries_increases_by_67pct_provisional_in_feb_2024_as_compared_to_index_of_feb_2023

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 November2023 is revised to 7.9per cent. The cumulative growth rate of ICI during April to February, 2023-24is 7.7per 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 10.2 per cent in February, 2024 over February, 2023. Its cumulative index increased by 9.1 per cent during April to February, 2023-24 over corresponding period of the previous year.

Coal – Coal production (weight: 10.33 per cent) increased by 11.6 per cent in February, 2024 over February, 2023. Its cumulative index increased by 12.1 per cent during April to February, 2023-24 over corresponding period of the previous year.

Crude Oil – Crude Oil production (weight: 8.98 per cent) increased by 7.9 per cent in February, 2024 over February, 2023. Its cumulative index increased by 0.5 per cent during April to February, 2023-24 over corresponding period of the previous year.

Electricity – Electricity generation (weight: 19.85 per cent) increased by 6.3 per cent in February, 2024 over February, 2023. Its cumulative index increased by 6.8 per cent during April to February, 2023-24 over corresponding period of the previous year.

Fertilizers – Fertilizer production (weight: 2.63 per cent) declined by 9.5 per cent in February 2024 over February, 2023. Its cumulative index increased by 4.1 per cent during April to February, 2023-24 over corresponding period of the previous year.

Natural Gas – Natural Gas production (weight: 6.88 per cent) increased by 11.3 per cent in February, 2024 over February, 2023. Its cumulative index increased by 6.0 per cent during April to February, 2023-24 over corresponding period of the previous year.

Petroleum Refinery Products – Petroleum Refinery production (weight: 28.04 per cent) increased by 2.6 per cent in February, 2024 over February, 2023. Its cumulative index increased by 3.8 per cent during April to February, 2023-24 over corresponding period of the previous year.

Steel – Steel production (weight: 17.92 per cent) increased by 8.4 per cent in February, 2024 over February, 2023. Its cumulative index increased by 12.9 per cent during April to February, 2023-24 over corresponding period of the previous year.

Note 1: Data for December, 2023, January, 2024 and February, 2024are 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 March, 2024 will be on Tuesday30thApril, 2024.

Annex I

Performance of Eight Core Industries

Yearly Index & Growth Rate
Base Year: 2011-12=100

Index

Sector Coal Crude Oil Natural Gas Refinery Products Fertilizers Steel Cement Electricity Overall Index
Weight 10.33 8.98 6.88 28.04 2.63 17.92 5.37 19.85 100.00
2012-13 103.2 99.4 85.6 107.2 96.7 107.9 107.5 104.0 103.8
2013-14 104.2 99.2 74.5 108.6 98.1 115.8 111.5 110.3 106.5
2014-15 112.6 98.4 70.5 108.8 99.4 121.7 118.1 126.6 111.7
2015-16 118.0 97.0 67.2 114.1 106.4 120.2 123.5 133.8 115.1
2016-17 121.8 94.5 66.5 119.7 106.6 133.1 122.0 141.6 120.5
2017-18 124.9 93.7 68.4 125.2 106.6 140.5 129.7 149.2 125.7
2018-19 134.1 89.8 69.0 129.1 107.0 147.7 147.0 156.9 131.2
2019-20 133.6 84.5 65.1 129.4 109.8 152.6 145.7 158.4 131.6
2020-21 131.1 80.1 59.8 114.9 111.6 139.4 130.0 157.6 123.2
2021-22 142.3 77.9 71.3 125.1 112.4 163.0 156.9 170.1 136.1
2022-23 163.5 76.6 72.4 131.2 125.1 178.1 170.6 185.2 146.7
Apr-Feb 22-23 156.9 76.5 72.2 129.9 125.8 175.7 168.1 185.0 145.0
Apr-Feb 23-24* 176.0 76.9 76.6 134.8 131.0 198.3 183.3 197.6 156.2

*Provisional

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

Sector Coal Crude Oil Natural Gas Refinery Products Fertilizers Steel Cement Electricity Overall Growth
Weight 10.33 8.98 6.88 28.04 2.63 17.92 5.37 19.85 100.00
2012-13 3.2 -0.6 -14.4 7.2 -3.3 7.9 7.5 4.0 3.8
2013-14 1.0 -0.2 -12.9 1.4 1.5 7.3 3.7 6.1 2.6
2014-15 8.0 -0.9 -5.3 0.2 1.3 5.1 5.9 14.8 4.9
2015-16 4.8 -1.4 -4.7 4.9 7.0 -1.3 4.6 5.7 3.0
2016-17 3.2 -2.5 -1.0 4.9 0.2 10.7 -1.2 5.8 4.8
2017-18 2.6 -0.9 2.9 4.6 0.03 5.6 6.3 5.3 4.3
2018-19 7.4 -4.1 0.8 3.1 0.3 5.1 13.3 5.2 4.4
2019-20 -0.4 -5.9 -5.6 0.2 2.7 3.4 -0.9 0.9 0.4
2020-21 -1.9 -5.2 -8.2 -11.2 1.7 -8.7 -10.8 -0.5 -6.4
2021-22 8.5 -2.6 19.2 8.9 0.7 16.9 20.8 8.0 10.4
2022-23 14.8 -1.7 1.6 4.8 11.3 9.3 8.7 8.9 7.8
Apr-Feb 22-23 15.3 -1.6 1.5 5.2 11.5 9.0 9.8 10.0 8.2
Apr-Feb 23-24* 12.1 0.5 6.0 3.8 4.1 12.9 9.1 6.8 7.7

*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

Sector Coal Crude Oil Natural Gas Refinery Products Fertilizers Steel Cement Electricity Overall Index
Weight 10.33 8.98 6.88 28.04 2.63 17.92 5.37 19.85 100.00
Feb-23 190.1 68.1 67.0 129.1 125.2 185.4 180.2 174.0 147.3
Mar-23 235.5 77.3 74.6 144.7 118.1 204.4 198.4 188.0 164.7
Apr-23 161.2 75.0 68.9 132.7 118.7 191.2 192.0 192.3 151.2
May-23 167.6 78.8 73.2 141.1 138.2 192.5 191.8 201.6 157.4
Jun-23 162.4 76.4 73.4 136.2 130.8 191.9 195.0 205.2 155.9
Jul-23 152.6 78.9 79.0 134.4 131.8 191.7 166.1 204.0 153.2
Aug-23 150.3 78.4 80.3 135.4 133.3 198.4 182.0 220.5 158.6
Sep-23 147.9 74.9 76.8 126.8 132.3 198.4 166.2 205.9 151.7
Oct-23 172.6 78.4 80.3 128.8 136.4 201.4 181.5 203.8 156.4
Nov-23 185.7 75.5 77.2 134.5 133.5 192.6 156.5 176.3 150.4
Dec-23* 204.2 77.4 79.5 145.0 137.5 205.3 191.9 181.6 160.9
Jan-24* 218.9 78.8 79.3 135.8 135.0 216.8 195.1 197.1 165.3
Feb-24* 212.1 73.5 74.5 132.5 113.3 201.1 198.5 185.0 157.2

*Provisional

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

Sector Coal Crude Oil Natural Gas Refinery Products Fertilizers Steel Cement Electricity Overall Growth
Weight 10.33 8.98 6.88 28.04 2.63 17.92 5.37 19.85 100.00
Feb-23 9.0 -4.9 3.1 3.3 22.2 12.4 7.4 8.2 7.4
Mar-23 11.7 -2.8 2.7 1.5 9.7 12.1 -0.2 -1.6 4.2
Apr-23 9.1 -3.5 -2.9 -1.5 23.5 16.6 12.4 -1.1 4.6
May-23 7.2 -1.9 -0.3 2.8 9.7 12.0 15.9 0.8 5.2
Jun-23 9.8 -0.6 3.5 4.6 3.4 21.3 9.9 4.2 8.4
Jul-23 14.9 2.1 8.9 3.6 3.3 14.9 6.9 8.0 8.5
Aug-23 17.9 2.1 9.9 9.5 1.8 16.3 19.7 15.3 13.4
Sep-23 16.0 -0.4 6.6 5.5 4.2 14.8 4.7 9.9 9.4
Oct-23 18.4 1.3 9.9 4.2 5.3 13.6 17.0 20.3 12.7
Nov-23 10.9 -0.4 7.6 12.4 3.4 9.8 -4.8 5.7 7.9
Dec-23* 10.7 -1.0 6.6 4.0 5.8 7.6 3.8 1.2 4.9
Jan-24* 10.2 0.7 5.5 -4.3 -0.6 8.7 5.7 5.7 4.1
Feb-24* 11.6 7.9 11.3 2.6 -9.5 8.4 10.2 6.3 6.7

*Provisional.

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

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