Shillong, October 31: The combined index of eight core industries, which encompasses cement, coal, steel, and electricity, witnessed an impressive 8.1 percent increase in September 2023 compared to September 2022, according to data published by the Commerce and Industry Ministry on Tuesday.
As per IANS, this index gauges the collective and individual performance of eight core sectors, including fertilizers, natural gas, and refinery products. These eight core industries constitute a substantial 40.27 percent of the items in the Index of Industrial Production (IIP).
Electricity generation, with a weight of 19.85 percent, saw a notable 9.3 percent rise in September 2023 compared to the same month in the previous year. Its cumulative index for April to September recorded a 6 percent increase over the corresponding period from the previous year.
Steel production, accounting for 17.92 percent of the index, increased by an impressive 9.6 percent in September 2023 compared to the same month in the previous year. The cumulative index for April to September registered a substantial 14.2 percent growth over the corresponding period from the previous year.
Cement production, with a 5.37 percent weight, experienced a 4.7 percent increase in September, compared to the same period in the previous year.
Coal production, contributing 10.33 percent to the index, surged by 16.1 percent in September, and its cumulative index for April to September increased by 12.2 percent.
Crude oil production, with an 8.98 percent weight, exhibited a slight decline of 0.4 percent in the month of September compared to the previous year. The cumulative index also declined by 0.4 percent for April to September 2023-24, compared to the corresponding period from the previous year.
Fertilizer production, representing 2.63 percent of the index, increased by 4.2 percent in September, while natural gas production, with a weight of 6.88 percent, saw a substantial 6.5 percent increase in September.
Petroleum refinery production, with a significant 28.04 percent weight, grew by 5.5 percent in September compared to the same month in the previous year. Its cumulative index for April to September 2023-24 increased by 4 percent over the corresponding period from the previous year.
The final growth rate for the Index of Eight Core Industries for June 2023 has been revised upward to 8.4 percent.