In February of this year, the eight fundamental industries, encompassing sectors like coal, cement, steel, and electricity, displayed a 6.7 percent growth compared to the same period in the previous year, as per official data released on Thursday.
These eight core industries collectively hold a significant weight of 40.27 percent in the Index of Industrial Production (IIP), offering a reliable glimpse into the overall industrial growth trajectory.
Cement and coal experienced robust double-digit growth rates, with production surging by 10.2 percent and 11.6 percent, respectively, in February. Steel production also saw a notable uptick, recording an 8.4 percent increase, while electricity generation, carrying a substantial 19.85 percent weight in the index, rose by 6.3 percent.
February witnessed a 7.9 percent increase in crude oil production and an 11.3 percent rise in natural gas production. Petroleum refinery output, constituting 28.04 percent of the index weight, registered a modest 2.6 percent growth during the month.
On the downside, fertilizer production saw a decline of 9.5 percent in February.
Furthermore, the final growth rate of the Index of Eight Core Industries (ICI) for November 2023 has been revised upward to 7.9 percent.
Considering the cumulative growth rate from April to February in the fiscal year 2023-24, the index of core industries reflects a solid 7.7 percent growth compared to the corresponding period of the previous year.
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