The eight core industries growth hit a 14-month low of 3.8 per cent year-on-year in December 2023 on the back of a high base and a moderation in the growth of six constituent sectors. In December 2022, the core sector had grown 8.3 per cent. In November 2023, core sector growth had printed in at 7.8 percent. All eight sectors registered a growth in December 2023, except crude oil, which witnessed a drop of 1 per cent. 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 1.3 per cent in December, 2023 over December, 2022 and its cumulative index increased by 9.2 per cent during April to December, 2023-24 over corresponding period of the previous year. Coal production, having 10.33 per cent weight increased by 10.6 per cent in December, 2023 over December, 2022 and its cumulative index increased by 12.5 per cent during April to December, 2023-24 over corresponding period of the previous year. Steel production having 17.92 per cent weight increased by 5.9 per cent in December, 2023 over December, 2022 and its cumulative index increased by 13.3 per cent during April to December, 2023-24 over corresponding period of the previous year.
Electricity generation having 19.85 per cent weight increased by 0.6 per cent in December, 2023 over December, 2022 and its cumulative index increased by 6.9 per cent during April to December, 2023-24 over corresponding period of the previous year. Fertilizer production having 2.63 per cent weight increased by 5.8 per cent in December, 2023 over December, 2022 and its cumulative index increased by 6.2 per cent during April to December, 2023-24 over corresponding period of the previous year.
Natural Gas production having 6.88 per cent weight increased by 6.6 per cent in December, 2023 over December, 2022 and its cumulative index increased by 5.6 per cent during April to December, 2023-24 over corresponding period of the previous year. Petroleum Refinery production having 28.04 per cent weight increased by 2.6 per cent in December, 2023 over December, 2022 and its cumulative index increased by 4.7 per cent during April to December, 2023-24 over corresponding period of the previous year. However, Crude Oil production having 8.98 per cent weight decreased by 1.0 per cent in December, 2023 over December, 2022 and its cumulative index declined by 0.3 per cent during April to December, 2023-24 over corresponding period of the previous year.
