India’s Core Industries Grow by 6.1% in July 2024
New Delhi, India – The Ministry of Commerce and Industry announced that the combined Index of Eight Core Industries (ICI) increased by 6.1% in July 2024 compared to the previous year. This index measures the performance of eight key industries: coal, crude oil, natural gas, refinery products, fertilizers, steel, cement, and electricity.
Industry Performance
In July 2024, several industries showed positive growth:
- Coal: Production increased by 14.9%.
- Crude Oil: Production increased by 2.1%.
- Natural Gas: Production increased by 8.9%.
- Petroleum Refinery Products: Production increased by 3.6%.
- Fertilizers: Production increased by 3.3%.
- Steel: Production increased by 13.5%.
- Cement: Production increased by 7.1%.
- Electricity: Generation increased by 6.9%.
Year-to-Date Performance
From April to July 2024, the cumulative index for these industries also showed growth:
- Coal: Increased by 10.1%.
- Crude Oil: Decreased by 1.0%.
- Natural Gas: Increased by 2.3%.
- Petroleum Refinery Products: Increased by 2.3%.
- Fertilizers: Increased by 9.1%.
- Steel: Increased by 15.3%.
- Cement: Increased by 11.2%.
- Electricity: Increased by 2.7%.
The Eight Core Industries make up 40.27% of the weight of items included in the Index of Industrial Production (IIP).
Doubts Revealed
Core Industries -: Core industries are the main industries that are very important for the economy. In India, there are eight such industries: coal, crude oil, natural gas, refinery products, fertilizers, steel, cement, and electricity.
Ministry of Commerce and Industry -: This is a part of the Indian government that looks after trade, business, and industry in the country. They help make rules and policies to grow the economy.
Index of Eight Core Industries (ICI) -: This is a measure that shows how well the eight main industries in India are doing. It helps understand the health of the economy.
Cumulative Index -: This is a total measure over a period of time. In this case, it shows the combined performance of the core industries from April to July 2024.
Index of Industrial Production (IIP) -: This is a number that shows how much goods are being produced in factories and industries in India. It helps understand the overall industrial activity in the country.
