Output of eight core industries grows by 4.3% in May 2023

03 Jul 2023 Evaluate

The output of eight core industries grew 4.3 per cent year-on-year in May 2023, the same rate as in the previous month, but much slower compared with 19.3 per cent in the year-ago period. The Eight Core Industries - coal, crude oil, natural gas, refinery products, fertilizers, steel, cement and electricity - comprise 40.27 percent of the weight of items included in the Index of Industrial Production (IIP).

Coal production, having 10.33 per cent weight increased by 7.2 per cent in May, 2023 over May, 2022 and its cumulative index increased by 8.2 per cent during April to May 2023-24 over corresponding period of the previous year. Fertilizers production, having 2.63 per cent weight increased by 9.7 per cent in May, 2023 over May, 2022 and its cumulative index increased by 15.7 per cent during April to May, 2023-24 over the corresponding period of previous year.

Steel production, having 17.92 per cent weight increased by 9.2 per cent in May, 2023 over May, 2022 and its cumulative index increased by 12.2 per cent during April to May, 2023-24 over the corresponding period of previous year. Cement production, having 5.37 per cent weight increased by 15.5 per cent in May, 2023 over May, 2022 and its cumulative index increased by 13.7 per cent during April to May, 2023-24 over the corresponding period of previous year. Petroleum Refinery production, having 28.04 per cent weight increased by 2.8 per cent in May, 2023 over May, 2022 and its cumulative index increased by 0.7 per cent during April to May, 2023-24 over the corresponding period of previous year.

Crude Oil production, having 8.98 per cent weight declined by 1.9 per cent in May, 2023 over May, 2022 and its cumulative index declined by 2.7 per cent during April to May, 2023-24 over the corresponding period of previous year. Natural Gas production, having 6.88 per cent weight declined by 0.3 per cent in May, 2023 over May, 2022 and its cumulative index declined by 1.5 per cent during April to May, 2023-24 over the corresponding period of previous year. Electricity generation having 19.85 per cent weight declined by 0.3 per cent in May, 2023 over May, 2022 and its cumulative index declined by 0.7 per cent during April to May, 2023-24 over the corresponding period of previous year.

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