No good news has come from the core sector of the country. According to the data of the Ministry of Commerce and Industry, there has been a slight decline in the index of eight major industries (ICI) in India in the month of September as compared to the same period last year. Whereas compared to August this figure has reduced significantly. The growth of the core sector was more than 12 percent in the month of August, which has come down to 8 percent in the month of September. Let us also tell you what kind of core sector figures have been presented by the government.
decline in core sector
On an annual basis, the core sector has seen a growth of 8.1 percent in the month of September. Whereas in the same period last year this figure was 8.3 percent. Whereas in the month of August this growth was in double digits at 12.1 percent. Data released by the ministry shows that between April and September 2023-24, ICI increased by 7.8 percent on an annual basis. The production of coal, steel, electricity, natural gas, refinery products, cement and fertilizer has seen positive growth in September 2023 as compared to the same month last year. However, this figure has not been seen better as compared to August.
Core Sector Data
- Coal sector production increased by 16.1 percent in September 2023, which was 12.1 percent in the same month a year ago, but is less than the 17.9 percent production in August 2023.
- Crude oil production declined marginally by 0.4 percent in September 2022 compared to a decline of 2.3 percent. The production of this sector had increased by 2.1 percent in August 2023.
- The production of natural gas and refinery products increased by 6.5 percent and 5.5 percent in September 2023.
- Fertilizer production increased by 4.2 percent while steel and cement production increased by 9.6 percent and 4.7 percent.
- Production in the power sector declined from 15.3 percent in August 2023 to 9.3 percent in September 2023.
Share is more than 40 percent
ICI measures the combined and individual performance of production of eight major industries including coal, crude oil, natural gas, refinery products, fertilizers, steel, cement and electricity. The share of products included in the Industrial Production Index in eight core industries is 40.27 percent.
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