India's Core Industries Show Resilient Growth with 4.3% Surge in November 2024

India's Index of Eight Core Industries grew by 4.3% in November 2024 from a year prior. Cement, coal, steel, electricity, refinery products, and fertilizers marked positive growth. Despite a 1.5% dip in August, cumulative growth from April to November reached 4.2%, indicating steady industrial recovery.

According to official data released by the Ministry of Commerce & Industry on Tuesday, India's Index of Eight Core Industries (ICI) witnessed a 4.3% growth in November 2024 compared to November 2023. This rise indicates the economic prowess of cement, coal, steel, electricity, refinery products, and fertilizers, all of which recorded positive individual growth.

The ICI, which assesses the production performance of the eight major industries including coal, crude oil, and natural gas, represents 40.27% of items weighted in the Index of Industrial Production (IIP). While August 2024 saw a decline of 1.5%, the cumulative growth rate for the fiscal year (April to November 2024-25) noted a provisional increase of 4.2% over the previous year, showcasing industrial resilience.

Notably, coal production experienced a commendable growth of 7.5% in November 2024 over the previous year, with cement production surging by 13%. Meanwhile, declines were reported in crude oil and natural gas outputs. Nevertheless, steel and electricity saw significant rises, underpinning the robust economic activity prevailing in India's core sectors.

(With inputs from agencies.)