Output of eight core industries rises 12.1% in August 2023

03 Oct 2023 Evaluate

The output of eight core industries rose to a 14-month high of 12.1 percent in August 2023 as against 4.2 percent a year ago, mainly due to expansion in production of coal, crude oil, and natural gas. Core sector growth in July 2023 was 8.4 percent. 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).

Cement production, having 5.37 per cent weight increased by 18.9 per cent in August, 2023 over August, 2022 and its cumulative index increased by 12.7 per cent during April to August, 2023-24 over corresponding period of the previous year. Coal production, having 10.33 per cent weight increased by 17.9 per cent in August, 2023 over August, 2022 and its cumulative index increased by 11.5per cent during April to August, 2023-24 over corresponding period of the previous year.

Crude Oil production having 8.98 per cent weight increased by 2.1 per cent in August, 2023 over August, 2022, while its cumulative index declined by 0.4 per cent during April to August, 2023-24over corresponding period of the previous year. Electricity generation having 19.85 per cent weight increased by 14.9 per cent in August, 2023 over August, 2022 and its cumulative index increased by 5.3 per cent during April to August, 2023-24 over corresponding period of the previous year. Fertilizer production having 2.63 per cent weight increased by 1.8 per cent in August, 2023 over August, 2022 and its cumulative index increased by 7.5 per cent during April to August, 2023-24 over corresponding period of the previous year.

Natural Gas production having 6.88 per cent weight increased by 10.0 per cent in August, 2023 over August, 2022 and its cumulative index increased by 3.9 per cent during April to August, 2023-24 over corresponding period of the previous year. Petroleum Refinery production having 28.04 per cent weight increased by 9.5 per cent in August, 2023 over August, 2022 and its cumulative index increased by 3.7 per cent during April to August, 2023-24 over corresponding period of the previous year.

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