Core industries grew at 6.3 per cent in May, with electricity, coal, steel, natural gas and refinery registering positive growth

The combined index of eight core industries (ICI) grew by 6.3 per cent in May 2024 over the previous year, the Commerce and Industry Ministry said on Friday.

The ministry said production of electricity, coal, steel, natural gas and refinery products recorded positive growth in May 2024.

The Index of Core Industries measures the combined and individual performance of production of eight core industries which include cement, coal, crude oil, electricity, fertilisers, natural gas, refinery products and steel.

Eight core industries account for 40.27 per cent of the weight of items included in the Index of Industrial Production (IIP).

The ministry also informed that the final growth rate of the index of eight core industries for February 2024 is 7.1 per cent. The cumulative growth rate of core industries during April to May 2024-25 was 6.5 per cent as compared to the same period of last year.

Cement production, which has a weight of 5.37 per cent, was down by 0.8 per cent in May as compared to the same period last year. Its cumulative index from April to May 2024-25 was down by 0.6 per cent as compared to the same period last year.

However, coal production (weightage: 10.33 per cent) in May, 2024 increased by 10.2 per cent as compared to May, 2023. Its cumulative index during April-May, 2024-25 increased by 8.9 per cent as compared to the same period of last year.

Production of crude oil (weight: 8.98 per cent) also declined by 1.1 per cent in May, 2024 as compared to May, 2023. Its cumulative index increased by 0.2 per cent during April-May, 2024-25 as compared to the same period of last year.

Electricity generation (weight: 19.85 per cent) in May, 2024 increased by 12.8 per cent as compared to May, 2023. Its cumulative index during April-May, 2024-25 increased by 11.6 per cent as compared to the same period of last year.

Fertilizer production (weightage: 2.63 per cent) in May, 2024 will decline by 1.7 per cent as compared to May, 2023. Its cumulative index during April-May, 2024-25 will decline by 1.2 per cent as compared to the same period of last year.

Natural gas production (weight: 6.88 per cent) in May, 2024 increased by 7.5 per cent as compared to May, 2023. Its cumulative index during April-May, 2024-25 increased by 8.0 per cent as compared to the same period of last year.

Petroleum refinery production (weight: 28.04 per cent) increased by 0.5 per cent in May, 2024 as compared to May, 2023. Its cumulative index during April-May, 2024-25 increased by 2.2 per cent as compared to the same period of last year.

Steel production, which has a weightage of 17.92 per cent, will increase by 7.6 per cent in May, 2024 as compared to May, 2023. Its cumulative index increased by 8.2 per cent during April-May, 2024-25 as compared to the same period of last year.