India's Eight Core Industries Rise To 8% In July 2023

India's index of eight core industries (ICI) rises to 8% in July 2023, as compared to the same month a year ago. The production of Coal, Steel, Natural Gas, Cement, Electricity, Refinery Products, Fertilizers and Crude Oil increased in July 2023 over the corresponding month of last year.

ICI measures combined and individual performance of production of eight core industries viz. Coal, Crude Oil, Natural Gas, Refinery Products, Fertilizers, Steel, Cement and Electricity. The Eight Core Industries comprise 40.27 percent of the weight of items included in the Index of Industrial Production (IIP).

Here's how eight core industries index have performed in July 2023 as per the Ministry of Commerce & Industry:

Coal (weightage 10.33%): The coal production increased by 14.9 % in July, 2023 over July, 2022. Its cumulative index increased by 10.1 % during April to July, 2023-24 over the corresponding period of the previous year.

Crude oil (weightage 8.98%): The crude oil production increased by 2.1% in July, 2023 over July, 2022. Its cumulative index declined by 1.0 % during April to July, 2023-24 over the corresponding period of previous year.

Natural Gas (weightage 6.88%): The natural gas production increased by 8.9% in July, 2023 over July, 2022. Its cumulative index increased by 2.3% during April to July, 2023-24 over the corresponding period of previous year.

Petroleum Refinery Products (weightage 28.04%): The petroleum refinery production rose by 3.6% in July, 2023 over July, 2022. Its cumulative index increased by 2.3% during April to July, 2023-24 over the corresponding period of previous year.

Fertilizers (weightage 2.63%): The fertilizer production increased by 3.3% in July, 2023 over July, 2022. Its cumulative index increased by 9.1% during April to July, 2023-24 over the corresponding period of previous year.

Steel (weightage 17.92%): The steel production increased by 13.5% in July, 2023 over July, 2022. Its cumulative index increased by 15.3% during April to July, 2023-24 over the corresponding period of previous year.

Cement (weightage 5.37%): The cement production increased by 7.1% in July, 2023 over July, 2022. Its cumulative index increased by 11.2% during April to July, 2023-24 over the corresponding period of previous year.

Electricity (weightage 19.85%): The electricity generation increased by 6.9% in July, 2023 over July, 2022. Its cumulative index increased by 2.7% during April to July, 2023-24 over the corresponding period of previous year.

Also, the ministry said, the final growth rate of Index of Eight Core Industries for April 2023 is revised to 4.6% from its provisional level 3.5%. The cumulative growth rate of ICI during April to July, 2023-24 reported 6.4% (provisional) as compared to the corresponding period of last year.