Index of Eight Core Industries increases by 3.6 percent in March 2023

Tags: INDEX Economy/Finance

The combined Index of Eight Core Industries (ICI) increased by 3.6 percent (provisional) in March 2023 as compared to the Index of March 2022.

An overview of the news

• The production of Coal, Fertilizers, Steel, Natural Gas, and Refinery Products increased in March 2023 over the corresponding month of last year.

• ICI measures combined and individual performance of production of eight core industries viz Coal, Crude Oil, Natural Gas, Refinery Products, Fertilizers, Steel, Cement and Electricity. 

• The Eight Core Industries comprise 40.27 percent of the weight of items included in the Index of Industrial Production (IIP).

Summary of the Index of Eight Core Industries

• Coal - Coal production (weight: 10.33 percent) increased by 12.2 percent in March 2023 over March 2022. 

• Crude Oil - Crude Oil production (weight: 8.98 percent) declined by 2.8 percent in March 2023 over March 2022. 

• Natural Gas - Natural Gas production (weight: 6.88 percent) increased by 2.8 percent in March 2023 over March 2022. 

• Petroleum Refinery Products - Petroleum Refinery production (weight: 28.04 percent) increased by 1.5 percent in March 2023 over March 2022. 

• Fertilizers - Fertilizer production (weight: 2.63 percent) increased by 9.7 percent in March 2023 over March 2022. 

• Steel - Steel production (weight: 17.92 percent) increased by 8.8 percent in March 2023 over March 2022. 

• Cement - Cement production (weight: 5.37 percent) declined by 0.8 percent in March 2023 over March 2022. 

• Electricity - Electricity generation (weight: 19.85 percent) declined by 1.8 percent in March 2023 over March 2022.