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India's core sector doing well, output rises 7.8 percent in January

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India's core sector doing well, output rises 7.8 percent in January

Feb 28, 2023 10:04 AM

The combined Index of Eight Core Industries (ICI) of India increased by 7.8 percent in January this year compared to the same period, last year, the Ministry of Commerce and Industry said on Tuesday, February 28.

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The ICI measures the combined and individual production performances of eight core industries — coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity. The ministry said that the production of these eight industries increased in January 2023 over the corresponding month of last year. The cumulative growth rate of ICI during April-January 2022-23 was 7.9 percent compared to the corresponding period of last year, it added.

Also Read: Power Ministry revokes mandate for coal transport via sea from Odisha to Punjab

As per the data, the coal production increased by 13.4 percent in January, 2023 over the same period last year. For the April to January 2022-23 period, its IIP grew by 16.1 percent. Crude oil production declined by 1.1 percent and its cumulative index declined by 1.3 percent during April to January, 2022-23 over the corresponding period of previous year.

Similarly, natural gas production increased by 5.3 percent and its IIP grew by 1.4 percent. Petroleum refinery production increased by 4.5 percent and its cumulative index increased by 5.4 per cent during April to January, 2022-23 over the corresponding period of previous year.

Fertiliser production saw an increase of 17.9 percent and its IIP grew by 10.5 percent during April to January, 2022-23 over the corresponding period of previous year. Steel production increased by 6.2 percent and its cumulative index increased by 7.1 percent.

Cement production increased by 4.6 percent and its cumulative index increased by 10 percent. Electricity generation increased by 12 percent and its cumulative index increased by 10.1 percent in April-January, 2022-23 over the corresponding period of previous year, the ministry said.

The core sector, or key infrastructure industries, which have a 40.27 percent weight in the overall index of industrial production (IIP), also have a bearing on industrial production data.

Also Read: India's core sector output at 3-month high of 7.4% in December

(Edited by : Shoma Bhattacharjee)

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