Combined Index of Eight Core Industries increases: Centre

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New Delhi: The Ministry of Commerce and Industries on February 28, 2022, said that the combined Index of Eight Core Industries has increased by 3.7 percent in January 2022.

“The combined Index of Eight Core Industries stood at 144.4 in January 2022, which increased by 3.7 percent (provisional) as compared to the Index of January 2021. The production of Coal, Natural Gas, Refinery Products, Steel, Cement, and Electricity industries increased in January 2022 over the corresponding period of last year,” the Ministry said in a press release.

It added that the final growth rate of the Index of Eight Core Industries for October 2021 has been revised to 8.7%. The growth rate of ICI during April-January 2021-22 was 11.6% (P) as compared to the corresponding period of last Financial Year (FY).

The Office of Economic Adviser, Department for Promotion of Industry and Internal Trade releases the Index of Eight Core Industries (ICI) for the Month of January 2022.

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.

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

Coal –Coal production (weight: 10.33 percent) increased by 8.2 percent in January 2022 over January 2021. Its cumulative index increased by 10.3 percent during April to January 2021-22 over the corresponding period of the previous year.

Crude Oil–Crude Oil production (weight: 8.98 percent) declined by 2.4 percent in January 2022 over January 2021. Its cumulative index declined by 2.6 percent during April to January 2021-22 over the corresponding period of the previous year.

Natural Gas – Natural Gas production (weight: 6.88 percent) increased by 11.7 percent in January 2022 over January 2021. Its cumulative index increased by 21.2 percent during April to January 2021-22 over the corresponding period of the previous year.

Petroleum Refinery Products–Petroleum Refinery production (weight: 28.04 percent) increased by 3.7 percent in January 2022 over January 2021. Its cumulative index increased by 9.3 percent during April to January 2021-22 over the corresponding period of the previous year.

Fertilizers –Fertilizers production (weight: 2.63 percent) declined by 2.0 percent in January 2022 over January 2021. Its cumulative index decreased by 0.3 percent during April to January 2021-22 over the corresponding period of the previous year.

Steel –Steel production (weight: 17.92 percent) increased by 2.8 percent in January 2022 over January 2021. Its cumulative index increased by 19.9 percent during April to January 2021-22 over the corresponding period of the previous year.

Cement – Cement production (weight: 5.37 percent) increased by 13.6 percent in January 2022 over January 2021. Its cumulative index increased by 24.6 percent during April to January 2021-22 over the corresponding period of the previous year.

Electricity –Electricity generation (weight: 19.85 percent) increased by 0.5 percent in January 2022 over January 2021.  Its cumulative index increased by 8.5 percent during April to January 2021-22 over the corresponding period of the previous year.

The Ministry also added the following notes:

Note 1: Data for November 2021, December 2021, and January 2022 are 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 a 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: The release of the index for February 2022 will be on Thursday, March 31, 2022. (Press Release)

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