Combined Index of Eight Core Industries (ICI) increases by 3.8 per cent (provisional) in December 2021

Final growth rate of ICI for September 2021 revised to 5.4% from provisional 4.4%

ICI growth rate during April-December 2021 recorded at 12.6% (P) over same period last FY

The combined Index of Eight Core Industries stood at 141.3 in December 2021, which is an increase of 3.8 per cent (provisional) as compared to December 2020. The production of Coal, Natural Gas, Refinery Products, Fertilizers, Cement and Electricity industries increased in December 2021 over the corresponding period of last year.

The Office of Economic Adviser, Department for Promotion of Industry and Internal Trade (DPIIT) today released the Index of Eight Core Industries (ICI) for the Month of December, 2021. ICI measures combined and individual performance of production in selected 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). Details of yearly and monthly indices and growth rates are provided at Annex I & II respectively.

Final growth rate of Index of Eight Core Industries for September 2021 is revised to 5.4% from its provisional level 4.4%. The growth rate of ICI during April-December 2021 was 12.6% (P) as compared to the corresponding period of last FY.

The summary of the Index of Eight Core Industries is given below:

Coal – Coal production (weight: 10.33 per cent) increased by 5.2 per cent in December, 2021 over December, 2020. Its cumulative index increased by 10.6 per cent during April to December, 2021-22 over corresponding period of the previous year.

Crude Oil – Crude Oil production (weight: 8.98 per cent) declined by 1.8 per cent in December, 2021 over December, 2020. Its cumulative index declined by 2.6 per cent during April to December, 2021-22 over the corresponding period of previous year.

Natural Gas - Natural Gas production (weight: 6.88 per cent) increased by 19.5 per cent in December, 2021 over December, 2020. Its cumulative index increased by 22.4 per cent during April to December, 2021-22 over the corresponding period of previous year.

Petroleum Refinery Products – Petroleum Refinery production (weight: 28.04 per cent) increased by 5.9 per cent in December, 2021 over December, 2020. Its cumulative index increased by 10.0 per cent during April to December, 2021-22 over the corresponding period of previous year.

Fertilizers – Fertilizers production (weight: 2.63 per cent) increased by 3.5 per cent in December, 2021 over December, 2020. Its cumulative index decreased by 0.1 per cent during April to December, 2021-22 over the corresponding period of previous year.

Steel – Steel production (weight: 17.92 per cent) declined by 1.0 per cent in December, 2021 over December, 2020. Its cumulative index increased by 22.1 per cent during April to December, 2021-22 over the corresponding period of previous year.

Cement – Cement production (weight: 5.37 per cent) increased by 12.9 per cent in December, 2021 over December, 2020. Its cumulative index increased by 26.1 per cent during April to December, 2021-22 over the corresponding period of previous year.

Electricity – Electricity generation (weight: 19.85 per cent) increased by 2.5 per cent in December, 2021 over December, 2020. Its cumulative index increased by 9.4 per cent during April to December, 2021-22 over the corresponding period of previous year.

Note 1: Data for October, 2021, November, 2021 and December, 2021 are provisional.

Note 2: Since April, 2014, Electricity generation data from Renewable sources are also included.

Note 3: The industry-wise weights indicated above are individual industry weight derived from IIP and blown up on pro rata basis to a combined weight of ICI equal to 100.

Note 4: Since March 2019, a new steel product called Hot Rolled Pickled and Oiled (HRPO) under the item ‘Cold Rolled (CR) coils’ within the production of finished steel has also been included.

Note 5: Release of the index for January, 2022 will be on Monday 28^th February, 2022.

Annex I

Performance of Eight Core Industries

Yearly Index & Growth Rate

Base Year: 2011-12=100

Index

Sector	Weight	2012-13	2013-14	2014-15	2015-16	2016-17	2017-18	2018-19	2019-20	2020-21	Apr-Dec  2020-21	Apr-Dec  2021-22*
Coal	10.3335	103.2	104.2	112.6	118.0	121.8	124.9	134.1	133.6	131.1	115.3	127.6
Crude Oil	8.9833	99.4	99.2	98.4	97.0	94.5	93.7	89.8	84.5	80.1	80.5	78.3
Natural Gas	6.8768	85.6	74.5	70.5	67.2	66.5	68.4	69.0	65.1	59.8	58.7	71.8
Refinery Products	28.0376	107.2	108.6	108.8	114.1	119.7	125.2	129.1	129.4	114.9	110.9	122.1
Fertilizers	2.6276	96.7	98.1	99.4	106.4	106.6	106.6	107.0	109.8	111.6	113.9	113.8
Steel	17.9166	107.9	115.8	121.7	120.2	133.1	140.5	147.7	152.6	139.4	130.4	159.1
Cement	5.3720	107.5	111.5	118.1	123.5	122.0	129.7	147.0	145.7	130.0	117.9	148.7
Electricity	19.8530	104.0	110.3	126.6	133.8	141.6	149.2	156.9	158.4	157.6	154.8	169.3
Overall Index	100.0000	103.8	106.5	111.7	115.1	120.5	125.7	131.2	131.6	123.2	117.7	132.5

*Provisional

Growth Rates (on Y-o-Y basis in per cent)

Sector	Weight	2012-13	2013-14	2014-15	2015-16	2016-17	2017-18	2018-19	2019-20	2020-21	Apr-Dec  2020-21	Apr-Dec  2021-22*
Coal	10.3335	3.2	1.0	8.0	4.8	3.2	2.6	7.4	-0.4	-1.9	-1.9	10.6
Crude Oil	8.9833	-0.6	-0.2	-0.9	-1.4	-2.5	-0.9	-4.1	-5.9	-5.2	-5.7	-2.6
Natural Gas	6.8768	-14.4	-12.9	-5.3	-4.7	-1.0	2.9	0.8	-5.6	-8.2	-11.6	22.4
Refinery Products	28.0376	7.2	1.4	0.2	4.9	4.9	4.6	3.1	0.2	-11.2	-13.5	10.0
Fertilizers	2.6276	-3.3	1.5	1.3	7.0	0.2	0.03	0.3	2.7	1.7	3.0	-0.1
Steel	17.9166	7.9	7.3	5.1	-1.3	10.7	5.6	5.1	3.4	-8.7	-15.6	22.1
Cement	5.3720	7.5	3.7	5.9	4.6	-1.2	6.3	13.3	-0.9	-10.8	-17.9	26.1
Electricity	19.8530	4.0	6.1	14.8	5.7	5.8	5.3	5.2	0.9	-0.5	-3.6	9.4
Overall Growth	100.0000	3.8	2.6	4.9	3.0	4.8	4.3	4.4	0.4	-6.4	-9.8	12.6

*Provisional, YoY is calculated over the corresponding financial year of previous year

Annex II

Performance of Eight Core Industries

Monthly Index & Growth Rate

Base Year: 2011-12=100

Index

Sector	Coal	Crude Oil	Natural Gas	Refinery Products	Fertilizers	Steel	Cement	Electricity	Overall Index
Weight	10.3335	8.9833	6.8768	28.0376	2.6276	17.9166	5.3720	19.8530	100.0000
Dec-20	156.2	80.5	60.8	126.9	117.0	170.9	147.8	157.9	136.1
Jan-21	161.6	81.1	64.0	130.9	117.5	168.1	154.6	164.2	139.2
Feb-21	163.6	73.2	57.7	114.8	103.9	156.3	160.9	153.9	129.6
Mar-21	210.3	82.4	67.5	134.4	93.4	175.2	182.5	180.0	150.8
Apr-21	113.5	78.5	66.7	123.4	88.3	160.0	159.0	174.0	132.0
May-21	117.1	76.8	68.7	117.7	102.5	149.4	131.1	161.9	125.4
Jun-21	112.1	78.2	70.0	113.2	116.9	153.1	148.2	169.1	127.2
Jul-21	119.2	80.3	72.8	122.2	120.1	155.2	154.3	184.7	134.7
Aug-21	118.4	79.4	73.7	115.5	117.0	161.1	148.8	188.7	134.2
Sep-21	113.8	77.0	73.3	112.7	113.6	160.5	141.1	167.9	128.0
Oct-21*	140.4	79.2	76.3	127.5	122.9	165.5	161.9	167.3	137.4
Nov-21*	149.2	76.6	72.2	131.9	121.4	158.3	127.3	147.9	132.0
Dec-21*	164.3	79.1	72.7	134.4	121.1	169.1	166.8	161.9	141.3

         *Provisional

Growth Rates (on Y-o-Y basis in per cent)

Sector	Coal	Crude Oil	Natural Gas	Refinery Products	Fertilizers	Steel	Cement	Electricity	Overall Growth
Weight	10.3335	8.9833	6.8768	28.0376	2.6276	17.9166	5.3720	19.8530	100.0000
Dec-20	2.2	-3.6	-7.2	-2.8	-2.9	3.5	-7.2	5.1	0.4
Jan-21	-1.9	-4.6	-2.1	-2.6	0.8	8.2	-5.8	5.5	1.3
Feb-21	-4.4	-3.2	-1.0	-10.9	-3.7	2.2	0.2	0.2	-3.3
Mar-21	0.3	-3.1	12.3	-0.7	-5.0	31.5	40.6	22.5	12.6
Apr-21	9.5	-2.1	25.0	30.9	3.9	494.8	606.6	38.5	62.6
May-21	7.0	-6.3	20.1	15.3	-9.6	55.1	11.7	7.5	16.4
Jun-21	7.4	-1.8	20.6	2.4	2.0	25.2	7.5	8.2	9.4
Jul-21	18.8	-3.2	19.0	6.7	0.6	9.4	21.7	11.0	9.9
Aug-21	20.6	-2.3	20.7	9.1	-3.1	6.9	36.3	16.0	12.2
Sep-21	7.8	-1.7	27.5	6.0	0.04	7.1	11.3	0.9	5.4
Oct-21*	14.7	-2.2	25.8	14.4	0.04	4.5	14.5	3.2	8.4
Nov-21*	8.2	-2.2	23.7	4.3	2.5	1.4	-3.6	2.1	3.4
Dec-21*	5.2	-1.8	19.5	5.9	3.5	-1.0	12.9	2.5	3.8

      *Provisional, YoY is calculated over the corresponding month of previous year                                             

Index of Eight Core Industries growth rises in December, provisional data shows sectoral gains and revised prior estimates. The Office of Economic Adviser, DPIIT, released the December 2021 Combined Index of Eight Core Industries showing a provisional increase in overall ICI and reporting that the April-December cumulative period recorded notable growth. The release lists sectoral outcomes-Coal, Natural Gas, Refinery Products, Fertilizers, Cement and Electricity rose year on year for December while Crude Oil and Steel fell-notes a revision to September provisional estimates, explains that industry weights are derived from the IIP and scaled to the ICI, and flags that recent monthly data are provisional.