India's Eight Core Industries Index Rises To 12.1% In October 2023 Owing To Positive Growth Across Sectors

India's combined index of eight core industries rose to 12.1% in October 2023, driven by robust growth in cement, coal production and electricity generation. All sectors part of the index reported positive growth in the month under review.

The Ministry of Commerce & Industry on November 30th said, "The production of all eight core industries (namely; Cement, Coal, Crude Oil, Electricity, Fertilizers, Natural Gas, Refinery Products and Steel)recorded positive growth in October 2023 over the corresponding month of last year."

These eight sectors comprise 40.27 percent of the weight of items included in the Index of Industrial Production (IIP).

In the September month, eight core sector industries index recorded a growth of 8.1%. While the ministry today revised the final growth for July month to 8.5%.

From April to October 2023, the index's growth stood at 8.6% compared to the corresponding period of the previous year.

Here is the key highlights of the eight core industries index for October 2023:

1. Cement (weight: 5.37%): The production of this sector increased by 17.1% in October, 2023 over October, 2022. Its cumulative index increased by 12.2 % during April to October, 2023-24 over the corresponding period of the previous year.

2. Coal (weight: 10.33%): The production of coal increased by 18.4% in October, 2023 over October, 2022. Its cumulative index increased by 13.1% during April to October, 2023-24 over the corresponding period of the previous year.

3. Crude Oil (weight: 8.98%): The production here increased by 1.3% in October, 2023 over October, 2022. Its cumulative index declined by 0.1% during April to October, 2023-24 over the corresponding period of the previous year.

4. Electricity (weight: 19.85%): The electricity generation increased by 20.3% in October, 2023 over October, 2022. Its cumulative index increased by 7.9 % during April to October, 2023-24 over the corresponding period of the previous year.

5. Fertilizers (weight: 2.63%): The fertilizer production increased by 5.3% in October, 2023 over October, 2022. Its cumulative index increased by 6.7 % during April to October, 2023-24 over the corresponding period of the previous year.

6. Natural Gas (weight: 6.88%): Here, the production increased by 9.9% in October, 2023 over October, 2022. Its cumulative index increased by 5.1% during April to October, 2023-24 over the corresponding period of the previous year.

7. Petroleum Refinery Products (weight: 28.04%): Here, the production increased by 4.2% in October, 2023 over October, 2022. Its cumulative index increased by 4.0% during April to October, 2023-24 over the corresponding period of the previous year.

8. Steel (weight: 17.92%): Steel production increased by 11.0% in October, 2023 over October, 2022. Its cumulative index increased by 14.5% during April to October, 2023-24 over the corresponding period of the previous year.