Combined Index of Eight Core Industries Increases by 8% in July 2023

Aditi

2 years ago

In July 2023, the Composite Index of Eight Core Industries (ICI) showed substantial growth, rising by 8.0% (provisional) when compared to the index of July 2022. Notably, the production of key sectors like Coal, Steel, Natural Gas, Cement, Electricity, Refinery Products, Fertilizers, and Crude Oil saw an increase in July 2023 compared to the same month in the previous year.

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About Index of Eight Core Industries

The Index of Eight Core Industries (ICI) assesses the collective and individual performance of eight fundamental industrial sectors, which include Coal, Crude Oil, Natural Gas, Refinery Products, Fertilizers, Steel, Cement, and Electricity. These Eight Core Industries carry a significant weightage of 40.27 percent in the Index of Industrial Production (IIP).

In regard to the growth rates, the final growth rate for the Index of Eight Core Industries in April 2023 has been revised to 4.6 percent, an increase from the provisional level of 3.5 percent. Looking at the cumulative growth rate of ICI from April to July 2023-24, it stands at 6.4 percent (provisional), when compared to the same period in the previous year.

Summary of the Combined Index of Eight Core Industries in July 2023

Here are the key highlights of the performance of the Eight Core Industries for July 2023 and the cumulative growth from April to July 2023-24, along with the percentage weight each sector holds in the Index:

Coal (Weight: 10.33%):
- July 2023: Production increased by 14.9% over July 2022.
- April to July 2023-24: Cumulative index increased by 10.1% over the same period in the previous year.
Crude Oil (Weight: 8.98%):
- July 2023: Production increased by 2.1% over July 2022.
- April to July 2023-24: Cumulative index declined by 1.0% compared to the corresponding period of the previous year.
Natural Gas (Weight: 6.88%):
- July 2023: Production increased by 8.9% over July 2022.
- April to July 2023-24: Cumulative index increased by 2.3% compared to the corresponding period of the previous year.
Petroleum Refinery Products (Weight: 28.04%):
- July 2023: Production increased by 3.6% over July 2022.
- April to July 2023-24: Cumulative index increased by 2.3% compared to the corresponding period of the previous year.
Fertilizers (Weight: 2.63%):
- July 2023: Production increased by 3.3% over July 2022.
- April to July 2023-24: Cumulative index increased by 9.1% compared to the corresponding period of the previous year.
Steel (Weight: 17.92%):
- July 2023: Production increased by 13.5% over July 2022.
- April to July 2023-24: Cumulative index increased by 15.3% compared to the corresponding period of the previous year.
Cement (Weight: 5.37%):
- July 2023: Production increased by 7.1% over July 2022.
- April to July 2023-24: Cumulative index increased by 11.2% compared to the corresponding period of the previous year.
Electricity (Weight: 19.85%):
- July 2023: Electricity generation increased by 6.9% over July 2022.
- April to July 2023-24: Cumulative index increased by 2.7% compared to the corresponding period of the previous year.

These statistics provide an overview of the performance and growth in various core industries, contributing significantly to India’s industrial production.

Aditi

Hello, I’m Aditi, the creative mind behind the words at Oliveboard. As a content writer specializing in state-level exams, my mission is to unravel the complexities of exam information, ensuring aspiring candidates find clarity and confidence. Having walked the path of an aspirant myself, I bring a unique perspective to my work, crafting accessible content on Exam Notifications, Admit Cards, and Results.

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