New Delhi: India’s core sector output measured by index of eight core industries (ICI) grew by 4.3% year-on-year in November, 2024, as per data released by Commerce Ministry on Tuesday.
“The production of cement, coal, steel, electricity, refinery products and fertilizers recorded positive growth in November 2024,” an official release said.
The ICI measures the 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% of the weight of items included in the Index of Industrial Production (IIP).
As per the official data, coal production increased by 7.5% in November, 2024 over November, 2023 while cement output rose by 13% during the same period.
Production of petroleum refinery products, fertilizers and steel grew 2.9%, 2% and 4.8% respectively in November 2024 over the same month last year.
Crude oil and natural gas production declined 2.1% and 1.9% respectively during November this year.
Electricity generation increased by 3.8% in November, 2024 over November, 2023.
Commenting on core sector data, ICRA chief economist Aditi Nayar said, “The core sector growth rose to 4.3% in November 2024 from a revised 3.7% in October 2024, with an improvement in half of its 8 constituents, partly reflecting the fading impact of heavy rainfall in the earlier months. The sequential uptick in the core sector’s performance was especially driven by a sharp increase in the growth of cement output, on the back of a low base.”
“Looking ahead, we expect the IIP to grow by 5-7% in November 2024, partly benefiting from the uptick in the core sector growth,” she added.
Cumulatively, core sector output in April-November period of the current financial year 2024-25 registered a growth of 4.2% year-on-year.
UNI
