Output of eight core industries grows 8% in July 2023

01 Sep 2023 Evaluate

The output of eight core industries rose 8 per cent in July 2023 from 4.8 per cent in July 2022. This is due to a low base effect and positive growth in all the eight sectors during the month. However, growth for the month of July is slightly lower than that of 8.3% in June 2023. 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 14.9 per cent in July, 2023 over July, 2022 and its cumulative index increased by 10.1 per cent during April to July, 2023-24 over corresponding period of the previous year. Natural Gas production, having 6.88 per cent weight increased by 8.9 per cent in July, 2023 over July, 2022 and its cumulative index increased by 2.3 per cent during April to July, 2023-24 over the corresponding period of previous year. Petroleum Refinery production, having 28.04 per cent weight increased by 3.6 per cent in July, 2023 over July, 2022 and its cumulative index increased by 2.3 per cent during April to July, 2023-24 over the corresponding period of previous year.

Fertilizers production, having 2.63 per cent weight increased by 3.3 per cent in July, 2023 over July, 2022 and its cumulative index increased by 9.1 per cent during April to July, 2023-24 over the corresponding period of previous year. Steel production, having 17.92 per cent weight increased by 13.5 per cent in July, 2023 over July, 2022 and its cumulative index increased by 15.3 per cent during April to July, 2023-24 over the corresponding period of previous year. Cement production, having 5.37 per cent weight increased by 7.1 per cent in July, 2023 over July, 2022 and its cumulative index increased by 11.2 per cent during April to July, 2023-24 over the corresponding period of previous year.

Electricity generation having 19.85 per cent weight increased by 6.9 per cent in July, 2023 over July, 2022 and its cumulative index increased by 2.7 per cent during April to July, 2023-24 over the corresponding period of previous year. Crude Oil production, having 8.98 per cent weight increased by 2.1 per cent in July, 2023 over July, 2022, while its cumulative index declined by 1.0 per cent during April to July, 2023-24 over the corresponding period of previous year.

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