Economics
India's Combined Index of Eight Core Industries Grows by 4.3% In March 2022, Up By 10.4% In FY 21-22
- India's combined Index of Eight Core Industries grew by 4.3 per cent In March 2022 compared to the Index of March 2021. From April 2021 to March 2022, the cumulative growth of the index was 10.4 per cent compared to the previous fisca
- The eight core sectors measured as part of the index are - 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).
Industrial Policy in India
India's combined Index of Eight Core Industries stood at 157.3 in March 2022, an increase of 4.3 per cent (provisional) as compared to the Index of March 2021, according to data made available by the Union Ministry Of Commerce And Industry.
Except for coal and crude oil, the remaining core industries witnessed an upside in March 2022.
The eight core sectors measured as part of the index are - Coal, Crude Oil, Natural Gas, Refinery Products, Fertilizers, Steel, Cement, and Electricity. The eight core industries comprise 40.27 per cent of the weight of items included in the Index of Industrial Production (IIP).
Final growth rate of Index of Eight Core Industries for December 2021 is revised to 4.1% from its provisional level 3.8 per cent.
The cumulative growth rate of Index of Eight Core Industries during April-March 2021-22 was 10.4 per cent (provisional) as compared to the corresponding period of the previous financial year. The growth was largely driven by steel, cement, and natural gas.
Here is the performance of eight core industries have performed in March 2022 as per Ministry of Commerce & Industry data
Coal – Coal production (weight: 10.33 per cent) declined by 0.1 per cent in March, 2022 over March, 2021. Its cumulative index increased by 8.5 per cent during April to March, 2021-22 over corresponding period of the previous year.
Crude Oil – Crude Oil production (weight: 8.98 per cent) declined by 3.4 per cent in March, 2022 over March, 2021. Its cumulative index declined by 2.6 per cent during April to March, 2021-22 over the corresponding period of previous year.
Natural Gas - Natural Gas production (weight: 6.88 per cent) increased by 7.6 per cent in March, 2022 over March, 2021. Its cumulative index increased by 19.2 per cent during April to March, 2021-22 over the corresponding period of previous year.
Petroleum Refinery Products – Petroleum Refinery production (weight: 28.04 per cent) increased by 6.2 per cent in March, 2022 over March, 2021. Its cumulative index increased by 8.9 per cent during April to March, 2021-22 over the corresponding period of previous year.
Fertilizers – Fertilizers production (weight: 2.63 per cent) increased by 15.3 per cent in March, 2022 over March, 2021. Its cumulative index increased by 0.7 per cent during April to March, 2021-22 over the corresponding period of previous year.
Steel – Steel production (weight: 17.92 per cent) increased by 3.7 per cent in March, 2022 over March, 2021. Its cumulative index increased by 16.9 per cent during April to March, 2021-22 over the corresponding period of previous year.
Cement – Cement production (weight: 5.37 per cent) increased by 8.8 per cent in March, 2022 over March, 2021. Its cumulative index increased by 20.8 per cent during April to March, 2021-22 over the corresponding period of previous year.
Electricity – Electricity generation (weight: 19.85 per cent) increased by 4.9 per cent in March, 2022 over March, 2021. Its cumulative index increased by 7.8 per cent during April to March, 2021-22 over the corresponding period of previous year.
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