India’s Core Industries Grow by 6.3% in May 2024
Electricity, Coal, and Steel Lead the Way
The Ministry of Commerce and Industry announced that the Index of Eight Core Industries (ICI) increased by 6.3% in May 2024 compared to the previous year. This index measures the performance of eight key industries: Cement, Coal, Crude Oil, Electricity, Fertilizers, Natural Gas, Refinery Products, and Steel.
In May 2024, the production of Electricity, Coal, Steel, Natural Gas, and Refinery Products showed positive growth. However, Cement and Fertilizers experienced declines. The cumulative growth rate for these core industries during April-May 2024-25 was 6.5% compared to the same period last year.
Industry Performance Highlights
| Industry | Weight | May 2024 Growth | Cumulative Growth (April-May 2024-25) |
|---|---|---|---|
| Cement | 5.37% | -0.8% | -0.6% |
| Coal | 10.33% | 10.2% | 8.9% |
| Crude Oil | 8.98% | -1.1% | 0.2% |
| Electricity | 19.85% | 12.8% | 11.6% |
| Fertilizers | 2.63% | -1.7% | -1.2% |
| Natural Gas | 6.88% | 7.5% | 8.0% |
| Refinery Products | 28.04% | 0.5% | 2.2% |
| Steel | 17.92% | 7.6% | 8.2% |
The Eight Core Industries make up 40.27% of the weight of items included in the Index of Industrial Production (IIP). The final growth rate for February 2024 was 7.1%.
