The combined Index of Eight Core Industries (ICI) increased by 6.3 per cent in May, 2024 as compared to last year, said the Ministry of Commerce and Industry on Friday. The ministry said that the production of Electricity, Coal, Steel, Natural Gas and Refinery Products recorded positive growth in May 2024.
The index of core industries measures the combined and individual performance of production of eight core industries which include 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 ministry also stated that the final growth rate of the Index of Eight Core Industries for February 2024 stands at 7.1 per cent. The cumulative growth rate of core industries during April to May 2024-25 was 6.5 per cent as compared to the corresponding period of last year.
The cement production which weight: 5.37 per cent, declined by 0.8 per cent in May, over May last year. Its cumulative index declined by 0.6 per cent from April to May 2024-25 over the corresponding period of the previous year. However, the coal production (weight: 10.33 per cent) increased by 10.2 per cent in May, 2024 over May, 2023. Its cumulative index increased by 8.9 per cent from April to May, 2024-25 over the corresponding period of the previous year.
The crude oil production also (weight: 8.98 per cent) declined by 1.1 per cent in May, 2024 over May, 2023. Its cumulative index increased by 0.2 per cent during April-May, 2024-25 over corresponding period of the previous year. The electricity generation (weight: 19.85 per cent) increased by 12.8 per cent in May, 2024 over May, 2023. Its cumulative index increased by 11.6 per cent during April to May, 2024-25 over corresponding period of the previous year.
The Fertilizer production (weight: 2.63 per cent) declined by 1.7 per cent in May, 2024 over May, 2023. Its cumulative index declined by 1.2 per cent during April to May, 2024-25 over corresponding period of the previous year. The Natural Gas production (weight: 6.88 per cent) increased by 7.5 per cent in May, 2024 over May, 2023. Its cumulative index increased by 8.0 per cent during April to May, 2024-25 over corresponding period of the previous year.
Petroleum Refinery production (weight: 28.04 per cent) increased by 0.5 per cent in May, 2024 over May, 2023. Its cumulative index increased by 2.2 per cent during April to May, 2024-25 over corresponding period of the previous year.
The Steel production which weight 17.92 per cent increased by 7.6 per cent in May, 2024 over May, 2023. Its cumulative index increased by 8.2 per cent during April to May, 2024-25 over corresponding period of the previous year. (ANI)
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