New Delhi: The Combined Index of Eight Core Industries (ICI) rose to a 14-month high in August 2023. The ICI surged to 12.1% provisionally in August this year as compared to the Index of August 2022. In August 2022, core sector growth was 4.2%. Data released by Union Ministry of Commerce and Industry revealed this.
The production of all Eight Core Industries namely, Cement, Coal, Crude Oil, Electricity, Fertilizers, Natural Gas, Refinery Products and Steel recorded positive growth in August 2023. The ICI is calculated after considering the combined and individual performance of production in these 8 core industries. The 8 Core Industries comprise 40.27% of the weight of items included in the Index of Industrial Production (IIP).
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The production of refinery products, steel, cement and electricity also grew in August. The core sector growth in July was 8.4%.
In August, the petroleum refinery production increased by 9.5% compared to the year-ago period. The cumulative index increased by 3.7% during April to August, 2023-24 over corresponding period of the previous year. Cement production, which has a weightage of 5.37%, increased by 18.9% in August, and coal having 10.33%, increased by 17.9% in August.
Crude Oil production (weightage: 8.98%) increased by 2.1% in August 2023 over August 2022. Electricity generation (weightage: 19.85%) increased by 14.9% in August 2023 over August 2022. Fertilizer, natural gas, petroleum refinery products, and steel increased by 1.8%, 10%, 9.5%, and 10.9%, respectively.
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