Index of Eight Core Industries Records 7.8% Growth in November 2023

New Delhi, Dec 30 (KNN) The combined Index of Eight Core Industries (ICI) exhibited a notable provisional increase of 7.8 per cent in November 2023, in comparison to the corresponding month in 2022, as per an official release on Friday.

Among the core industries, positive growth was observed in the production of Coal, Electricity, Fertilisers, Natural Gas, Refinery Products, and Steel during the same period.

The ICI serves as a comprehensive measure, evaluating both the collective and individual performance of eight core industries, namely Cement, Coal, Crude Oil, Electricity, Fertilisers, Natural Gas, Refinery Products, and Steel.

Significantly, these Eight Core Industries account for 40.27 per cent of the weight in the Index of Industrial Production (IIP).

Revised figures indicate a final growth rate of 13.4 per cent for the Index of Eight Core Industries in August 2023.

Moreover, the cumulative growth rate of ICI from April to November 2023-24 stands at 8.6 per cent (provisional), showcasing positive momentum compared to the corresponding period in the previous year.

Cement production experienced a decrease of 3.6 per cent in November 2023 compared to November 2022. However, its cumulative index displayed a notable increase of 10.3 per cent during April to November 2023-24 over the same period the previous year.

Coal production demonstrated a substantial increase of 10.9 per cent in November 2023 over November 2022. The cumulative index exhibited a growth of 12.8 per cent during April to November 2023-24 compared to the corresponding period of the previous year.

Crude Oil production experienced a marginal decline of 0.4 per cent in November 2023 compared to the same month in 2022. The cumulative index showed a slight decline of 0.2 per cent during April to November 2023-24 compared to the corresponding period the previous year.

Electricity generation increased by 5.6 per cent in November 2023 over November 2022. The cumulative index registered a growth of 7.7 per cent during April to November 2023-24 compared to the corresponding period of the previous year.

Fertiliser production increased by 3.4 per cent in November 2023 compared to November 2022. The cumulative index displayed a growth of 6.3 per cent during April to November 2023-24 over the same period in the previous year.

Natural Gas production increased by 7.6 per cent in November 2023 compared to November 2022. The cumulative index grew by 5.4 per cent during April to November 2023-24 compared to the corresponding period of the previous year.

Petroleum Refinery production exhibited a substantial increase of 12.4 per cent in November 2023 over November 2022. The cumulative index reflected a growth of 5.0 per cent during April to November 2023-24 over the same period in the previous year.

Steel production witnessed a significant increase of 9.1 per cent in November 2023 compared to November 2022. The cumulative index displayed a growth of 14.2 per cent during April to November 2023-24 compared to the corresponding period of the previous year.

(KNN Bureau)