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Index of Eight Core Industries Sees 12.1% Growth in Oct 23

The ICI measures combined and individual performance of production of eight core industries viz. Cement,Coal, Crude Oil, Electricity,Fertilizers, Natural Gas, Refinery Products and Steel.

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Index of Eight Core Industries

The combined Index of Eight Core Industries (ICI) increased by 12.1per cent (provisional) in October 2023 as compared to the Index of October 2022. The production of all eight core industries (namely; Cement, Coal, Crude Oil, Electricity, Fertilizers, Natural Gas, Refinery Products and Steel)recorded positive growth in October 2023 over the corresponding month of last year. Details of annual and monthly indices and growth rates are provided at Annex I & II respectively.

2.  The ICI measures 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).

3. The final growth rate of Index of Eight Core Industries for July2023 is revised to 8.5per cent. The cumulativegrowth rate of ICI during April to October, 2023-24is 8.6per cent(provisional) as compared to the corresponding period of lastyear.

4.  The summary of the Index of Eight Core Industries is given below:

Cement - Cement production (weight: 5.37 per cent) increased by 17.1 per cent in October, 2023 over October, 2022. Its cumulative index increased by 12.2 per cent during April to October, 2023-24 over corresponding period of the previous year.

Coal- Coal production (weight: 10.33 per cent) increased by 18.4 per cent in October, 2023 over October, 2022. Its cumulative index increased by 13.1 per cent during April to October, 2023-24 over corresponding period of the previous year.

Crude Oil - Crude Oil production (weight: 8.98 per cent) increased by 1.3 per cent in October, 2023 over October, 2022. Its cumulative index declined by 0.1 per cent during April to October, 2023-24 over corresponding period of the previous year.

Electricity - Electricity generation (weight: 19.85 per cent) increased by 20.3 per cent in October, 2023 over October, 2022. Its cumulative index increased by 7.9 per cent during April to October, 2023-24 over corresponding period of the previous year.

Fertilizers - Fertilizer production (weight: 2.63 per cent) increased by 5.3 per cent in October, 2023 over October, 2022. Its cumulative index increased by 6.7 per cent during April to October, 2023-24 over corresponding period of the previous year.

Natural Gas - Natural Gas production (weight: 6.88 per cent) increased by 9.9 per cent in October, 2023 over October, 2022. Its cumulative index increased by 5.1 per cent during April to October, 2023-24 over corresponding period of the previous year.

Petroleum Refinery Products - Petroleum Refinery production (weight: 28.04 per cent) increased by 4.2 per cent in October, 2023 over October, 2022. Its cumulative index increased by 4.0 per cent during April to October, 2023-24 over corresponding period of the previous year.

Steel - Steel production (weight: 17.92 per cent) increased by 11.0 per cent in October, 2023 over October, 2022. Its cumulative index increased by 14.5 per cent during April to October, 2023-24 over corresponding period of the previous year.

Note 1: Data for August, 2023, September, 2023 and October, 2023 are 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 November, 2023 will be on Friday 29thDecember, 2023.

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-Oct 22-23

140.8

77.4

72.3

128.5

123.4

168.8

162.1

189.8

142.4

Apr-Oct 23-24*

159.2

77.3

76.0

133.6

131.6

193.2

182.0

204.7

154.6

*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-Oct 22-23

18.1

-1.4

0.9

8.1

10.5

6.7

8.7

9.5

8.4

Apr-Oct 23-24*

13.1

-0.1

5.1

4.0

6.7

14.5

12.2

7.9

8.6

*Provisional. YoY 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

Oct-22

145.8

77.4

73.0

123.5

129.5

177.3

155.2

169.3

138.8

Nov-22

167.5

75.8

71.8

119.7

129.2

175.5

164.3

166.7

139.4

Dec-22

184.4

78.2

74.5

139.3

129.9

190.9

184.8

179.4

153.4

Jan-23

198.6

78.3

75.2

142.0

135.8

199.5

184.7

186.6

158.8

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

191.7

181.3

220.5

157.4

Sep-23*

147.9

74.9

76.8

126.8

132.3

196.6

166.0

205.9

151.3

Oct-23*

172.6

78.4

80.3

128.8

136.4

196.9

181.7

203.6

155.6

*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

Oct-22

3.8

-2.2

-4.2

-3.1

5.4

5.8

-4.2

1.2

0.7

Nov-22

12.3

-1.1

-0.7

-9.3

6.4

11.5

29.1

12.7

5.7

Dec-22

12.3

-1.2

2.6

3.7

7.3

12.3

9.5

10.4

8.3

Jan-23

13.6

-1.1

5.2

4.5

17.9

14.3

4.7

12.7

9.7

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

10.0

9.5

1.8

12.4

19.3

15.3

12.5

Sep-23*

16.0

-0.4

6.6

5.5

4.2

13.8

4.6

9.9

9.2

Oct-23*

18.4

1.3

9.9

4.2

5.3

11.0

17.1

20.3

12.1

*Provisional. YoY is calculated over the corresponding month of previous year.

Crude Oil Production Coal Index of Eight Core Industries