The combined Index of Eight Core Industries (ICI) increased by 12.1per cent (provisional) in August 2023 as compared to the Index of August 2022. The production of all Eight Core Industries (namely, Cement, Coal, Crude Oil, Electricity, Fertilizers, Natural Gas, Refinery Products and Steel) recorded positive growth in August 2023 over the corresponding month of last year. Details of annual and monthly indices and growth rates are provided at Annex I & II respectively.

2. The ICI measures combined and individual performance of production of eight core industries viz. Cement, Coal, Crude Oil, Electricity, Fertilizers, Natural Gas, Refinery Products and Steel. The Eight Core Industries comprise 40.27 percent of the weight of items included in the Index of Industrial Production (IIP).
3. The final growth rate of Index of Eight Core Industries for May 2023 is revised to 5.2 per cent. The cumulative growth rate of ICI during April to August, 2023-24 is 7.7 per cent (provisional) as compared to the corresponding period of last year.

4.The summary of the Index of Eight Core Industries is given below:

Cement - Cement production (weight: 5.37 per cent) increased by 18.9 per cent in August, 2023 over August, 2022. Its cumulative index increased by 12.7 per cent during April to August, 2023-24 over corresponding period of the previous year.

Coal - Coal production (weight: 10.33 per cent) increased by 17.9 per cent in August, 2023 over August, 2022. Its cumulative index increased by 11.5per cent during April to August, 2023-24 over corresponding period of the previous year.

Crude Oil - Crude Oil production (weight: 8.98 per cent) increased by 2.1 per cent in August, 2023 over August, 2022. Its cumulative index declined by 0.4 per cent during April to August, 2023-24over corresponding period of the previous year.

Electricity - Electricity generation (weight: 19.85 per cent) increased by 14.9 per cent in August, 2023 over August, 2022. Its cumulative index increased by 5.3 per cent during April to August, 2023-24 over corresponding period of the previous year.

Fertilizers - Fertilizer production (weight: 2.63 per cent) increased by 1.8 per cent in August, 2023 over August, 2022. Its cumulative index increased by 7.5 per cent during April to August, 2023-24 over corresponding period of the previous year.

Natural Gas - Natural Gas production (weight: 6.88 per cent) increased by 10.0 per cent in August, 2023 over August, 2022. Its cumulative index increased by 3.9 per cent during April to August, 2023-24 over corresponding period of the previous year.

Petroleum Refinery Products - Petroleum Refinery production (weight: 28.04 per cent) increased by 9.5 per cent in August, 2023 over August, 2022. Its cumulative index increased by 3.7 per cent during April to August, 2023-24 over corresponding period of the previous year.

Steel - Steel production (weight: 17.92 per cent) increased by 10.9 per cent in August, 2023 over August, 2022. Its cumulative index increased by 14.8 per cent during April to August, 2023-24 over corresponding period of the previous year.

 

Note 1: Data for June 2023, July, 2023 and August, 2023 are provisional. Index numbers of Core Industries are revised/finalized as per updated data from source agencies.

Note 2: Since April 2014, Electricity generation data from Renewable sources are also included.

Note 3: The industry-wise weights indicated above are individual industry weights derived from IIP and blown up on pro rata basis to a combined weight of ICI equal to 100.

Note 4: Since March 2019, a new steel product called Hot Rolled Pickled and Oiled (HRPO) under the item ‘Cold Rolled (CR) coils’ within the production of finished steel has also been included.

Note 5: Release of the index for September, 2023 will be on Tuesday 31^st October, 2023.

 

Annex I

Performance of Eight Core Industries

Yearly Index & Growth Rate

Base Year: 2011-12=100

Index

Sector	Coal	Crude Oil	Natural Gas	Refinery Products	Fertilizers	Steel	Cement	Electricity	Overall Index
Weight	10.33	8.98	6.88	28.04	2.63	17.92	5.37	19.85	100.00
2012-13	103.2	99.4	85.6	107.2	96.7	107.9	107.5	104.0	103.8
2013-14	104.2	99.2	74.5	108.6	98.1	115.8	111.5	110.3	106.5
2014-15	112.6	98.4	70.5	108.8	99.4	121.7	118.1	126.6	111.7
2015-16	118.0	97.0	67.2	114.1	106.4	120.2	123.5	133.8	115.1
2016-17	121.8	94.5	66.5	119.7	106.6	133.1	122.0	141.6	120.5
2017-18	124.9	93.7	68.4	125.2	106.6	140.5	129.7	149.2	125.7
2018-19	134.1	89.8	69.0	129.1	107.0	147.7	147.0	156.9	131.2
2019-20	133.6	84.5	65.1	129.4	109.8	152.6	145.7	158.4	131.6
2020-21	131.1	80.1	59.8	114.9	111.6	139.4	130.0	157.6	123.2
2021-22	142.3	77.9	71.3	125.1	112.4	163.0	156.9	170.1	136.1
2022-23	163.5	76.6	72.4	131.2	125.1	178.1	170.6	185.2	146.7
Apr-Aug 22-23	142.5	77.8	72.2	131.1	121.4	166.3	164.2	194.3	143.8
Apr-Aug 23-24*	158.8	77.5	75.0	136.0	130.6	190.9	185.1	204.6	154.8

*Provisional

 

Growth Rates (on Y-o-Y basis in per cent)

Sector	Coal	Crude Oil	Natural Gas	Refinery Products	Fertilizers	Steel	Cement	Electricity	Overall Growth
Weight	10.33	8.98	6.88	28.04	2.63	17.92	5.37	19.85	100.00
2012-13	3.2	-0.6	-14.4	7.2	-3.3	7.9	7.5	4.0	3.8
2013-14	1.0	-0.2	-12.9	1.4	1.5	7.3	3.7	6.1	2.6
2014-15	8.0	-0.9	-5.3	0.2	1.3	5.1	5.9	14.8	4.9
2015-16	4.8	-1.4	-4.7	4.9	7.0	-1.3	4.6	5.7	3.0
2016-17	3.2	-2.5	-1.0	4.9	0.2	10.7	-1.2	5.8	4.8
2017-18	2.6	-0.9	2.9	4.6	0.03	5.6	6.3	5.3	4.3
2018-19	7.4	-4.1	0.8	3.1	0.3	5.1	13.3	5.2	4.4
2019-20	-0.4	-5.9	-5.6	0.2	2.7	3.4	-0.9	0.9	0.4
2020-21	-1.9	-5.2	-8.2	-11.2	1.7	-8.7	-10.8	-0.5	-6.4
2021-22	8.5	-2.6	19.2	8.9	0.7	16.9	20.8	8.0	10.4
2022-23	14.8	-1.7	1.6	4.8	11.3	9.3	8.7	8.9	7.8
Apr-Aug 22-23	22.7	-1.1	2.6	10.8	11.4	6.8	10.7	10.6	10.0
Apr-Aug 23-24*	11.5	-0.4	3.9	3.7	7.5	14.8	12.7	5.3	7.7

*Provisional. YoY is calculated over the corresponding financial year of previous year

 

 

Annex II

Performance of Eight Core Industries

Monthly Index & Growth Rate

Base Year: 2011-12=100

Index

Sector	Coal	Crude Oil	Natural Gas	Refinery Products	Fertilizers	Steel	Cement	Electricity	Overall Index
Weight	10.33	8.98	6.88	28.04	2.63	17.92	5.37	19.85	100.00
Aug-22	127.5	76.7	73.0	123.6	130.9	170.5	152.0	191.3	139.9
Sep-22	127.5	75.2	72.1	120.2	127.0	172.8	158.7	187.4	138.6
Oct-22	145.8	77.4	73.0	123.5	129.5	177.3	155.2	169.3	138.8
Nov-22	167.5	75.8	71.8	119.7	129.2	175.5	164.3	166.7	139.4
Dec-22	184.4	78.2	74.5	139.3	129.9	190.9	184.8	179.4	153.4
Jan-23	198.6	78.3	75.2	142.0	135.8	199.5	184.7	186.6	158.8
Feb-23	190.1	68.1	67.0	129.1	125.2	185.4	180.2	174.0	147.3
Mar-23	235.5	77.3	74.6	144.7	118.1	204.4	198.4	188.0	164.7
Apr-23	161.2	75.0	68.9	132.7	118.7	191.2	192.0	192.3	151.2
May-23	167.6	78.8	73.2	141.1	138.2	192.5	191.8	201.6	157.4
Jun-23*	162.4	76.4	73.4	136.2	130.8	191.2	195.0	205.2	155.8
Jul-23*	152.6	78.9	79.0	134.4	131.8	190.5	166.1	204.0	153.0
Aug-23*	150.3	78.4	80.3	135.4	133.3	189.0	180.7	219.8	156.8

*Provisional

 

Growth Rates (on Y-o-Y basis in per cent)

Sector	Coal	Crude Oil	Natural Gas	Refinery Products	Fertilizers	Steel	Cement	Electricity	Overall Growth
Weight	10.33	8.98	6.88	28.04	2.63	17.92	5.37	19.85	100.00
Aug-22	7.7	-3.3	-0.9	7.0	11.9	5.8	2.1	1.4	4.2
Sep-22	12.1	-2.3	-1.7	6.6	11.8	7.7	12.4	11.6	8.3
Oct-22	3.8	-2.2	-4.2	-3.1	5.4	5.8	-4.2	1.2	0.7
Nov-22	12.3	-1.1	-0.7	-9.3	6.4	11.5	29.1	12.7	5.7
Dec-22	12.3	-1.2	2.6	3.7	7.3	12.3	9.5	10.4	8.3
Jan-23	13.6	-1.1	5.2	4.5	17.9	14.3	4.7	12.7	9.7
Feb-23	9.0	-4.9	3.1	3.3	22.2	12.4	7.4	8.2	7.4
Mar-23	11.7	-2.8	2.7	1.5	9.7	12.1	-0.2	-1.6	4.2
Apr-23	9.1	-3.5	-2.9	-1.5	23.5	16.6	12.4	-1.1	4.6
May-23	7.2	-1.9	-0.3	2.8	9.7	12.0	15.9	0.8	5.2
Jun-23*	9.8	-0.6	3.5	4.6	3.4	20.8	9.9	4.2	8.3
Jul-23*	14.9	2.1	8.9	3.6	3.3	14.2	6.9	8.0	8.4
Aug-23*	17.9	2.1	10.0	9.5	1.8	10.9	18.9	14.9	12.1

*Provisional. YoY is calculated over the corresponding month of previous year.

 

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