Parul
The Combined Index of Eight Core Industries (ICI) in India witnessed a robust growth of 6.2% in April 2024 compared to the same month in the previous year, according to provisional data released by the Ministry of Commerce and Industry.
The eight core industries, which form a substantial part of the Index of Industrial Production (IIP) with a combined weight of 40.27%, include Cement, Coal, Crude Oil, Electricity, Fertilisers, Natural Gas, Refinery Products, and Steel. The latest data shows that all sectors, except Fertilisers, recorded positive growth in April 2024.
Sector-Wise Performance:
- Cement: Production increased by 0.6% year-on-year, with a cumulative growth of 9.0% for the fiscal year 2023-24.
- Coal: Output surged by 7.5% compared to April 2023, marking an 11.8% cumulative increase for the fiscal year.
- Crude Oil: Production rose by 1.6% year-on-year, achieving a modest cumulative growth of 0.6%.
- Electricity: Generation saw a significant rise of 9.4% in April 2024, with a cumulative growth of 7.1%.
- Fertilisers: The only sector to decline, Fertiliser production fell by 0.8% year-on-year but still managed a cumulative increase of 3.7%.
- Natural Gas: Production increased by 8.6%, with a cumulative growth of 6.1% over the fiscal year.
- Petroleum Refinery Products: Refinery output grew by 3.9% compared to April 2023, marking a cumulative rise of 3.6%.
- Steel: Production increased by 7.1% year-on-year, achieving a notable cumulative growth of 12.4%.
The ICI not only reflects the performance of these core sectors but also serves as a key indicator of industrial activity in the country. The final growth rate for January 2024 has been revised to 4.1%, and the cumulative growth rate for the fiscal year 2023-24 stands at a provisional 7.6%, indicating a strong industrial recovery.
The sustained growth across most core sectors highlights the resilience and ongoing recovery of India’s industrial economy. The detailed indices and growth rates for each sector are available in the annexed documents.
