Production of Coal, Natural Gas, Cement, Steel, Crude Oil, Electricity and Refinery Products record positive growth in Feb 2024

INDEX OF EIGHT CORE INDUSTRIES (BASE: 2011-12=100) FOR FEBRUARY, 2024

The combined Index of Eight Core Industries (ICI) increased by 6.7per cent (provisional) in February 2024 as compared to the Index of February 2023. The production of Coal,Natural Gas,Cement, Steel, Crude Oil,ElectricityandRefinery Productsrecorded positive growth in February 2024. The details of annual and monthly indices and growth rates are provided at Annex I andAnnex II respectively.

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

The final growth rate of Index of Eight Core Industries for November2023 is revised to 7.9per cent. The cumulativegrowth rate of ICI during April to February, 2023-24is 7.7per cent(provisional) as compared to the corresponding period of lastyear.

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

Cement - Cement production (weight: 5.37 per cent) increased by 10.2 per cent in February, 2024 over February, 2023. Its cumulative index increased by 9.1 per cent during April to February, 2023-24 over corresponding period of the previous year.

Coal - Coal production (weight: 10.33 per cent) increased by 11.6 per cent in February, 2024 over February, 2023. Its cumulative index increased by 12.1 per cent during April to February, 2023-24 over corresponding period of the previous year.

Crude Oil - Crude Oil production (weight: 8.98 per cent) increased by 7.9 per cent in February, 2024 over February, 2023. Its cumulative index increased by 0.5 per cent during April to February, 2023-24 over corresponding period of the previous year.

Electricity - Electricity generation (weight: 19.85 per cent) increased by 6.3 per cent in February, 2024 over February, 2023. Its cumulative index increased by 6.8 per cent during April to February, 2023-24 over corresponding period of the previous year.

Fertilizers - Fertilizer production (weight: 2.63 per cent) declined by 9.5 per cent in February 2024 over February, 2023. Its cumulative index increased by 4.1 per cent during April to February, 2023-24 over corresponding period of the previous year.

Natural Gas - Natural Gas production (weight: 6.88 per cent) increased by 11.3 per cent in February, 2024 over February, 2023. Its cumulative index increased by 6.0 per cent during April to February, 2023-24 over corresponding period of the previous year.

Petroleum Refinery Products - Petroleum Refinery production (weight: 28.04 per cent) increased by 2.6 per cent in February, 2024 over February, 2023. Its cumulative index increased by 3.8 per cent during April to February, 2023-24 over corresponding period of the previous year.

Steel - Steel production (weight: 17.92 per cent) increased by 8.4 per cent in February, 2024 over February, 2023. Its cumulative index increased by 12.9 per cent during April to February, 2023-24 over corresponding period of the previous year.

Note 1: Data for December, 2023, January, 2024 and February, 2024are provisional. Index numbers of Core Industries are revised/finalized as per updated data from source agencies.

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 weights 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 March, 2024 will be on Tuesday30^thApril, 2024.

Annex I Performance of Eight Core Industries Yearly Index & Growth Rate Base Year: 2011-12=100 Index Sector Coal Crude Oil Natural Gas Refinery Products Fertilizers Steel Cement Electricity Overall Index Weight 10.33 8.98 6.88 28.04 2.63 17.92 5.37 19.85 100.00 2012-13 103.2 99.4 85.6 107.2 96.7 107.9 107.5 104.0 103.8 2013-14 104.2 99.2 74.5 108.6 98.1 115.8 111.5 110.3 106.5 2014-15 112.6 98.4 70.5 108.8 99.4 121.7 118.1 126.6 111.7 2015-16 118.0 97.0 67.2 114.1 106.4 120.2 123.5 133.8 115.1 2016-17 121.8 94.5 66.5 119.7 106.6 133.1 122.0 141.6 120.5 2017-18 124.9 93.7 68.4 125.2 106.6 140.5 129.7 149.2 125.7 2018-19 134.1 89.8 69.0 129.1 107.0 147.7 147.0 156.9 131.2 2019-20 133.6 84.5 65.1 129.4 109.8 152.6 145.7 158.4 131.6 2020-21 131.1 80.1 59.8 114.9 111.6 139.4 130.0 157.6 123.2 2021-22 142.3 77.9 71.3 125.1 112.4 163.0 156.9 170.1 136.1 2022-23 163.5 76.6 72.4 131.2 125.1 178.1 170.6 185.2 146.7 Apr-Feb 22-23 156.9 76.5 72.2 129.9 125.8 175.7 168.1 185.0 145.0 Apr-Feb 23-24* 176.0 76.9 76.6 134.8 131.0 198.3 183.3 197.6 156.2 *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 10.33 8.98 6.88 28.04 2.63 17.92 5.37 19.85 100.00 2012-13 3.2 -0.6 -14.4 7.2 -3.3 7.9 7.5 4.0 3.8 2013-14 1.0 -0.2 -12.9 1.4 1.5 7.3 3.7 6.1 2.6 2014-15 8.0 -0.9 -5.3 0.2 1.3 5.1 5.9 14.8 4.9 2015-16 4.8 -1.4 -4.7 4.9 7.0 -1.3 4.6 5.7 3.0 2016-17 3.2 -2.5 -1.0 4.9 0.2 10.7 -1.2 5.8 4.8 2017-18 2.6 -0.9 2.9 4.6 0.03 5.6 6.3 5.3 4.3 2018-19 7.4 -4.1 0.8 3.1 0.3 5.1 13.3 5.2 4.4 2019-20 -0.4 -5.9 -5.6 0.2 2.7 3.4 -0.9 0.9 0.4 2020-21 -1.9 -5.2 -8.2 -11.2 1.7 -8.7 -10.8 -0.5 -6.4 2021-22 8.5 -2.6 19.2 8.9 0.7 16.9 20.8 8.0 10.4 2022-23 14.8 -1.7 1.6 4.8 11.3 9.3 8.7 8.9 7.8 Apr-Feb 22-23 15.3 -1.6 1.5 5.2 11.5 9.0 9.8 10.0 8.2 Apr-Feb 23-24* 12.1 0.5 6.0 3.8 4.1 12.9 9.1 6.8 7.7 *Provisional.       Y-o-Y 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 10.33 8.98 6.88 28.04 2.63 17.92 5.37 19.85 100.00 Feb-23 190.1 68.1 67.0 129.1 125.2 185.4 180.2 174.0 147.3 Mar-23 235.5 77.3 74.6 144.7 118.1 204.4 198.4 188.0 164.7 Apr-23 161.2 75.0 68.9 132.7 118.7 191.2 192.0 192.3 151.2 May-23 167.6 78.8 73.2 141.1 138.2 192.5 191.8 201.6 157.4 Jun-23 162.4 76.4 73.4 136.2 130.8 191.9 195.0 205.2 155.9 Jul-23 152.6 78.9 79.0 134.4 131.8 191.7 166.1 204.0 153.2 Aug-23 150.3 78.4 80.3 135.4 133.3 198.4 182.0 220.5 158.6 Sep-23 147.9 74.9 76.8 126.8 132.3 198.4 166.2 205.9 151.7 Oct-23 172.6 78.4 80.3 128.8 136.4 201.4 181.5 203.8 156.4 Nov-23 185.7 75.5 77.2 134.5 133.5 192.6 156.5 176.3 150.4 Dec-23* 204.2 77.4 79.5 145.0 137.5 205.3 191.9 181.6 160.9 Jan-24* 218.9 78.8 79.3 135.8 135.0 216.8 195.1 197.1 165.3 Feb-24* 212.1 73.5 74.5 132.5 113.3 201.1 198.5 185.0 157.2 *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 10.33 8.98 6.88 28.04 2.63 17.92 5.37 19.85 100.00 Feb-23 9.0 -4.9 3.1 3.3 22.2 12.4 7.4 8.2 7.4 Mar-23 11.7 -2.8 2.7 1.5 9.7 12.1 -0.2 -1.6 4.2 Apr-23 9.1 -3.5 -2.9 -1.5 23.5 16.6 12.4 -1.1 4.6 May-23 7.2 -1.9 -0.3 2.8 9.7 12.0 15.9 0.8 5.2 Jun-23 9.8 -0.6 3.5 4.6 3.4 21.3 9.9 4.2 8.4 Jul-23 14.9 2.1 8.9 3.6 3.3 14.9 6.9 8.0 8.5 Aug-23 17.9 2.1 9.9 9.5 1.8 16.3 19.7 15.3 13.4 Sep-23 16.0 -0.4 6.6 5.5 4.2 14.8 4.7 9.9 9.4 Oct-23 18.4 1.3 9.9 4.2 5.3 13.6 17.0 20.3 12.7 Nov-23 10.9 -0.4 7.6 12.4 3.4 9.8 -4.8 5.7 7.9 Dec-23* 10.7 -1.0 6.6 4.0 5.8 7.6 3.8 1.2 4.9 Jan-24* 10.2 0.7 5.5 -4.3 -0.6 8.7 5.7 5.7 4.1 Feb-24* 11.6 7.9 11.3 2.6 -9.5 8.4 10.2 6.3 6.7 *Provisional. Y-o-Y is calculated over the corresponding month of previous year. ***

Core industries growth signals expansion as multiple sectors record positive production increases while fertilizers decline. The combined Index of Eight Core Industries rose 6.7% year on year in February 2024, with Coal, Natural Gas, Cement, Steel, Crude Oil, Electricity and Refinery Products recording positive growth while Fertilizers declined. The ICI, covering eight sectors and representing 40.27% of the IIP basket, shows a provisional cumulative April-February growth of 7.7% and a revised final growth for November 2023 of 7.9%. Recent monthly data are provisional and methodological notes address inclusion of renewable electricity and a new steel product.