28 Mar 2024: PIB Summary for UPSC

1. INDEX OF EIGHT CORE INDUSTRIES

Syllabus: GS-3, Economy 

Prelims: The combined Index of Eight Core Industries 

Context: The combined Index of Eight Core Industries (ICI) increased by 6.7per cent (provisional) in February 2024 as compared to the Index of February 2023. The production of Coal, Natural Gas, Cement, Steel, Crude Oil, Electricity and Refinery Products Recorded positive growth in February 2024. 

Details:

• The ICI measures the combined and individual performance of production of eight core industries viz. Cement,Coal, Crude Oil, Electricity, Fertilizers, Natural Gas, Refinery Products and Steel.The Eight Core Industries comprise 40.27 percent of the weight of items included in the Index of Industrial Production (IIP).
• The final growth rate of the Index of Eight Core Industries for November2023 is revised to 7.9per cent. The cumulative growth rate of ICI during April to February, 2023-24 is 7.7per cent(provisional) as compared to the corresponding period of last year.

The summary of the Index of Eight Core Industries is given below:

• Cement – Cement production (weight: 5.37 per cent) increased by 10.2 per cent in February, 2024 over February, 2023. Its cumulative index increased by 9.1 per cent during April to February, 2023-24 over corresponding period of the previous year.
• Coal – Coal production (weight: 10.33 per cent) increased by 11.6 per cent in February, 2024 over February, 2023. Its cumulative index increased by 12.1 per cent during April to February, 2023-24 over corresponding period of the previous year.
• Crude Oil – Crude Oil production (weight: 8.98 per cent) increased by 7.9 per cent in February, 2024 over February, 2023. Its cumulative index increased by 0.5 per cent during April to February, 2023-24 over corresponding period of the previous year.
• Electricity – Electricity generation (weight: 19.85 per cent) increased by 6.3 per cent in February, 2024 over February, 2023. Its cumulative index increased by 6.8 per cent during April to February, 2023-24 over corresponding period of the previous year.
• Fertilizers – Fertilizer production (weight: 2.63 per cent) declined by 9.5 per cent in February 2024 over February, 2023. Its cumulative index increased by 4.1 per cent during April to February, 2023-24 over corresponding period of the previous year.
• Natural Gas – Natural Gas production (weight: 6.88 per cent) increased by 11.3 per cent in February, 2024 over February, 2023. Its cumulative index increased by 6.0 per cent during April to February, 2023-24 over corresponding period of the previous year.
• Petroleum Refinery Products – Petroleum Refinery production (weight: 28.04 per cent) increased by 2.6 per cent in February, 2024 over February, 2023. Its cumulative index increased by 3.8 per cent during April to February, 2023-24 over corresponding period of the previous year.
• Steel – Steel production (weight: 17.92 per cent) increased by 8.4 per cent in February, 2024 over February, 2023. Its cumulative index increased by 12.9 per cent during April to February, 2023-24 over corresponding period of the previous year.