Eight Core Industries Index Jumps 6.1% in July, Ministry Reports

The Index of Eight Core Industries (ICI) saw a 6.1% year-on-year increase in July 2024, driven by growth in steel, electricity, coal, refinery products, cement, and fertilizers, according to the Ministry of Commerce and Industry. This marks an improvement from the 4% rise observed in June.

The Index of Eight Core Industries (ICI) surged by 6.1% year-on-year in July 2024, according to a statement from the Ministry of Commerce and Industry. The sectors driving this growth include steel, electricity, coal, refinery products, cement, and fertilizers.

The index assesses the overall and sector-specific performance of eight core industries: coal, crude oil, natural gas, refinery products, fertilizers, steel, cement, and electricity. Notably, the index stood at 4% in June. These industries collectively make up 40.27% of the weight in the Index of Industrial Production (IIP).

Breaking down the numbers, coal production, which holds a weight of 10.33%, leaped 14.9% in July 2023 compared to the same month last year. Its cumulative index increased by 10.1% during April to July 2023-24 over the same period the previous year. Crude oil production, with a weight of 8.98%, rose by 2.1% in July 2023 year-on-year, though its cumulative index dipped by 1.0% over the same period. Natural gas production increased by 8.9%, with a 2.3% rise in the cumulative index during the same time frame.

Petroleum refinery products, which hold the highest weight of 28.04%, saw a 3.6% increase in July 2023 compared to July 2022. Its cumulative index went up by 2.3% from April to July 2023-24 over the corresponding months of the previous year. Fertilizer production increased by 3.3% in July 2023 and had a 9.1% rise in its cumulative index during the same period. Steel production surged 13.5% in July 2023, and its cumulative index leaped by 15.3%.

Cement production, weighted at 5.37%, grew by 7.1% in July 2023, with an 11.2% increase in its cumulative index. Electricity generation increased by 6.9% year-on-year in July 2023 and saw a 2.7% rise in its cumulative index during April to July 2023-24 over the same period last year.