Combined Index of Eight Core Industries rises by 5.4% -Governance Now

Combined Index of Eight Core Industries rises by 5.4%

Final growth rate of Index of Eight Core Industries for August 2022 is revised to 4.2% from its provisional level 3.3%

GN Bureau | December 30, 2022

#Economy #industry #energy

The combined Index of Eight Core Industries (‘ICI’) increased by 5.4% (provisional) in November 2022 as compared to November 2021. The production of cement, coal, electricity, steel and fertilizers increased in November 2022 over the corresponding month of last year, an official release said Friday.

ICI (base year: 2022-12 = 100) measures combined and individual performance of production of eight core industries – coal, crude oil, natural gas, refinery products, fertilizers, steel, cement and electricity. These eight core industries comprise 40.27% of the weight of items included in the Index of Industrial Production (IIP).

Meanwhile, the final growth rate of ICI for August 2022 is revised to 4.2% from its provisional level 3.3%. The cumulative growth rate of ICI during April-November 2022 was 8.0% (provisional) as compared to the corresponding period of last year.

The summary of the Index of Eight Core Industries:

Coal:
Coal production (weight: 10.33%) increased by 12.3% in November 2022 over November 2021. Its cumulative index increased by 17.2% during April to November 2022 over corresponding period of the previous year.

Crude Oil:
Crude Oil production (weight: 8.98%) declined by 1.1% in November 2022 over November 2021. Its cumulative index declined by 1.4% during April-November 2022 over the corresponding period of previous year.

Natural Gas:
Natural Gas production (weight: 6.88%) declined by 0.7% in November 2022 over November 2021. Its cumulative index increased by 0.7% during April-November 2022 over the corresponding period of previous year.

Petroleum Refinery Products:
Petroleum Refinery production (weight: 28.04%) declined by 9.3% in November 2022 over November 2021. Its cumulative index increased by 5.7% during April-November 2022 over the corresponding period of previous year.

Fertilizers:
Fertilizers production (weight: 2.63%) increased by 6.4% in November 2022 over November 2021. Its cumulative index increased by 10.0% during April-November 2022 over the corresponding period of previous year.

Steel:
Steel production (weight: 17.92%) increased by 10.8% in November 2022 over November 2021. Its cumulative index increased by 7.1% during April-November 2022 over the corresponding period of previous year.

Cement:
Cement production (weight: 5.37%) increased by 28.6% in November 2022 over November 2021. Its cumulative index increased by 10.8% during April-November 2022 over the corresponding period of previous year.

Electricity:
Electricity generation (weight: 19.85%) increased by 12.1% in November 2022 over November 2021. Its cumulative index increased by 9.7% during April-November 2022 over the corresponding period of previous year.

* Data for September 2022, October 2022 and November 2022 are provisional. Index numbers of Core Industries are revised /finalized as per updated data from source agencies.

* Since April 2014, Electricity generation data from Renewable sources are also included.

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

* 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.

* Figures for December 2022 will be on released on January 31, 2023.

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