Eight core industries growth slows to 15-month low of 3.6% in January 2024
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The eight core industries growth slowed to a 15-month low of 3.6 per cent in January 2024, on account of poor performance of sectors like refinery products and fertilizer. In December 2023, core sector growth had printed in at 4.9 percent. In January 2023, the core sector had grown by 9.7 per cent. The Eight Core Industries - coal, crude oil, natural gas, refinery products, fertilizers, steel, cement and electricity - comprise 40.27 percent of the weight of items included in the Index of Industrial Production (IIP).
Cement production, having 5.37 per cent weight increased by 5.6 per cent in January, 2024 over January, 2023 and its cumulative index increased by 9.0 per cent during April to January, 2023-24 over corresponding period of the previous year. Coal production, having 10.33 per cent weight increased by 10.2 per cent in January, 2024 over January, 2023 and its cumulative index increased by 12.2 per cent during April to January, 2023-24 over corresponding period of the previous year. Steel production having 17.92 per cent weight increased by 7.0 per cent in January, 2024 over January, 2023 and its cumulative index increased by 13.1 per cent during April to January, 2023-24 over corresponding period of the previous year.
Electricity generation having 19.85 per cent weight increased by 5.2 per cent in January, 2024 over January, 2023 and its cumulative index increased by 6.8 per cent during April to January, 2023-24 over corresponding period of the previous year. Natural Gas production having 6.88 per cent weight increased by 5.5 per cent in January, 2024 over January, 2023 and its cumulative index increased by 5.6 per cent during April to January, 2023-24 over corresponding period of the previous year. Crude Oil production having 8.98 per cent weight increased by 0.7 per cent in January, 2024 over January, 2023 while, its cumulative index declined by 0.2 per cent during April to January, 2023-24 over corresponding period of the previous year.
Petroleum Refinery production having 28.04 per cent weight declined by 4.3 per cent in January, 2024 over January, 2023 and its cumulative index increased by 3.9 per cent during April to January, 2023-24 over corresponding period of the previous year. Fertilizer production having 2.63 per cent weight declined by 0.6 per cent in January, 2024 over January, 2023, while its cumulative index increased by 5.5 per cent during April to January, 2023-24 over corresponding period of the previous year.
