Tatsat Chronicle Magazine

Core sectors grow by 7.4% compared to previous year

February 1, 2023
Core Sector_Steel factory
Photo for representation purpose only. Picture Credit - Flickr

The combined Index of Eight Core Industries (ICI) increased by 7.4% (provisional) in December 2022 as compared to the Index of December 2021. The production of coal, electricity, steel, cement, fertilizers, Refinery Products and Natural Gas increased in December 2022 over the corresponding month of last year. ICI measures combined and individual performance of production of eight core industries: coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity. The Eight Core Industries comprise 40.27 percent of the weight of items included in the Index of Industrial Production (IIP).

Final growth rate of Index of Eight Core Industries for September 2022 is revised to 8.3% per cent from its provisional level 7.9%. The cumulative growth rate of ICI during April-December 2022 was 8.0 per cent (provisional) as compared to the corresponding period of last year.

Summary:

Coal – Coal production (weight: 10.33%) increased by 11.5% in December, 2022 over December, 2021. Its cumulative index increased by 16.4% during April to December 2022 over corresponding period of the previous year.

Crude Oil – Crude Oil production (weight: 8.98% ) declined by 1.2% in December, 2022 over December, 2021. Its cumulative index declined by 1.3% during April to December, 2022 over the corresponding period of previous year.

Natural Gas – Natural Gas production (weight: 6.88%) increased by 2.6% in December, 2022 over December, 2021. Its cumulative index increased by 0.9% during April to December, 2022 over the corresponding period of previous year.

Petroleum Refinery Products – Petroleum Refinery production (weight: 28.04%) increased by 3.7% in December, 2022 over December, 2021. Its cumulative index increased by 5.5% during April to December, 2022 over the corresponding period of previous year.

Fertilisers – Fertilisers production (weight: 2.63%) increased by 7.3% in December, 2022 over December, 2021. Its cumulative index increased by 9.6% during April to December, 2022 over the corresponding period of previous year.

Steel – Steel production (weight: 17.92%) increased by 9.2% in December, 2022 over December, 2021. Its cumulative index increased by 7.7% during April to December, 2022 over the corresponding period of previous year.

Cement – Cement production (weight: 5.37%) increased by 9.1% in December, 2022 over December, 2021. Its cumulative index increased by 10.6% during April to December, 2022 over the corresponding period of previous year.

Electricity – Electricity generation (weight: 19.85%) increased by 10% in December, 2022 over December, 2021. Its cumulative index increased by 9.8% during April to December, 2022 over the corresponding period of previous year.

Note: Data for October, 2022, November, 2022 and December, 2022 are provisional.

Details of annual and monthly indices and growth rates can be accesses here.