New Delhi: The Combined Index of Eight Core Industries (ICI) slowed down to a 4-month low of 8.1% in September 2023. It was 8.3% a year ago. Data released by Union Ministry of Commerce and Industry revealed this. The core sector growth in August was 12.5%, which was highest since June 2022, when it was 13.2%.
The ICI is calculated after considering the combined and individual performance of production of 8 core industries. These core industries are, Cement, Coal, Crude Oil, Electricity, Fertilizers, Natural Gas, Refinery Products and Steel. 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 growth rate in the output of refinery products, fertiliser, cement and electricity during September has decelerated, while it was negative in the case of crude oil. The previous low was in May, when the growth rate of these sectors stood at 5.2%.
Crude oil output dipped by 0.4% in September as against a contraction of 2.3% in the same month last year. In September, coal, natural gas, and steel production rose by 16.1%, 6.5% and 9.6%, respectively. The growth rate in the production of refinery products, fertiliser, cement and electricity slowed down to 5.5%, 4.2%, 4.7% and 9.3%, respectively, in September this year.
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