Combined Index of eight core industries surges by 5.2% in March

According to data released by the Commerce and Industry Ministry on Tuesday, eight core industries including cement, coal, electricity and natural gas recorded a 5.2% growth in March compared to the corresponding period last year. “The combined Index of Eight Core Industries (ICI) increased by 5.2% (provisional) in March, 2024 as compared to the Index in March, 2023,” an official release said.

Production of cement, coal, electricity, natural gas, steel and crude oil recorded positive growth in March 2024. The ICI measures the combined and individual performance of production of eight core industries – cement, coal, crude oil, electricity, fertilisers, natural gas, refinery products and steel.

The eight core industries comprise 40.27% of the weight of items included in the Index of Industrial Production (IIP). The release said that the final growth rate of the Index of Eight Core Industries for December 2023 is revised to 5%. The cumulative growth rate of ICI during 2023-24 reported 7.5% (provisional) as compared to the corresponding period of last year.

Cement production, with a weight of 5.37%, increased by 10.6% in March 2024 over March 2023. Its cumulative index rose by 9.1% during 2023-24 compared to the corresponding period of the previous year.

Coal production, accounting for 10.33% of the ICI, increased by 8.7% in March 2024 over March 2023. Its cumulative index rose by 11.7% during 2023-24 compared to the corresponding period of the previous year.

Crude Oil production, with a weight of 8.98%, increased by 2.0% in March 2024 over March 2023. Its cumulative index increased by 0.6% during 2023-24 compared to the corresponding period of the previous year.

Electricity generation, representing 19.85% of the ICI, increased by 8.0% in March 2024 over March 2023. Its cumulative index increased by 7.0% during 2023-24 compared to the corresponding period of the previous year.

Fertiliser production, with a weight of 2.63%, declined by 1.3% in March 2024 over March 2023. However, its cumulative index increased by 3.7% during 2023-24 compared to the corresponding period of the previous year.

Natural Gas production, representing 6.88% of the ICI, increased by 6.3% in March 2024 over March 2023. Its cumulative index increased by 6.1% during 2023-24 compared to the corresponding period of the previous year.

Petroleum Refinery production, with a weight of 28.04%, declined by 0.3% in March 2024 over March 2023. Its cumulative index increased by 3.4% during 2023-24 compared to the corresponding period of the previous year. 

Steel production, representing 17.92% of the ICI, increased by 5.5% in March 2024 over March 2023. Its cumulative index increased by 12.3% during 2023-24 compared to the corresponding period of the previous year.

The Ministry of Commerce and Industry not d that the data for January 2024, February 2024, and March 2024 are provisional. Index numbers of Core Industries are revised/finalised as per updated data from source agencies.