Business News | India’s Core Sector Grows at 8 Pc in July
Get latest articles and stories on Business at LatestLY. India’s combined index of Eight Core Industries (ICI) increased by 8 per cent in July in comparison to the same month last year, the Ministry of Commerce and Industry informed on Thursday.
New Delhi [India], August 31 (ANI): India’s combined index of Eight Core Industries (ICI) increased by 8 per cent in July in comparison to the same month last year, the Ministry of Commerce and Industry informed on Thursday.
The production of Coal, Steel, Natural Gas, Cement, Electricity, Refinery Products, Fertilizers and Crude Oil increased in July 2023 over the corresponding month of last year.
Notably, ICI measures combined and individual performance of production of eight core industries viz. Coal, Crude Oil, Natural Gas, Refinery Products, Fertilizers, Steel, Cement and Electricity.
In terms of the monthly index, there is a slight dip in comparison to the 8.3 per cent which was recorded in June.
For the April-July period, the core sector output has posted a growth of 6.4 per cent, which is down from 11.5 per cent in the first four months of last fiscal.
The Eight Core Industries comprise 40.27 per cent of the weight of items included in the Index of Industrial Production (IIP), the Ministry stated.
The final growth rate of the Index of Eight Core Industries for April 2023 is revised to 4.6 per cent from its provisional level of 3.5 per cent.
The cumulative growth rate of ICI during April to July 2023-24 reported 6.4 per cent (provisional) as compared to the corresponding period of last year, the Ministry added.
As per the breakdown of respective sectors released by the Ministry, Coal production (weight: 10.33 per cent) increased by 14.9 per cent in July 2023 over July 2022. Its cumulative index increased by 10.1 per cent from April to July 2023-24 over the corresponding period of the previous year.
The Crude Oil production (weight: 8.98 per cent) increased by 2.1 per cent in July 2023 over July, 2022. Its cumulative index declined by 1.0 per cent from April to July 2023-2 over the corresponding period of the previous year.
The natural gas production (weight: 6.88 per cent) increased by 8.9 per cent in July 2023 over July 2022. Its cumulative index increased by 2.3 per cent during April to July 2023-24 over the corresponding period of the previous year.
Petroleum Refinery production (weight: 28.04 per cent) increased by 3.6 per cent in July 2023 over July, 2022. Its cumulative index increased by 2.3 per cent from April to July 2023-24 over the corresponding period of the previous year, the Ministry data stated.
Fertilizer production (weight: 2.63 per cent) increased by 3.3 per cent in July 2023 over July 2022. Its cumulative index increased by 9.1 per cent during April to July, 2023-24 over the corresponding period of the previous year.
The steel production (weight: 17.92 per cent) increased by 13.5 per cent in July 2023 over July, 2022. Its cumulative index increased by 15.3 per cent during April to July 2023-24 over the corresponding period of the previous year.
The cement production (weight: 5.37 per cent) increased by 7.1 per cent in July 2023 over July 2022. Its cumulative index increased by 11.2 per cent during April to July 2023-24 over the corresponding period of the previous year.
While, the electricity generation (weight: 19.85 per cent) increased by 6.9 per cent in July 2023 over July 2022. Its cumulative index increased by 2.7 per cent during April to July 2023-24 over the corresponding period of the previous year, as per the Ministry. (ANI)
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