India’s core industries, a crucial driver of the nation’s economic engine, showcased positive growth in September 2024, indicating a healthy performance across key sectors. The Index of Eight Core Industries (ICI), which represents 40.27% of the weight of items included in the Index of Industrial Production (IIP), recorded a growth of 2% in September compared to the same period last year. This positive trend was primarily driven by increased production in sectors like cement, refinery products, coal, fertilizers, and steel.
Looking at the cumulative growth rate for the April-September period of 2024-25, the ICI recorded a robust 4.2% growth compared to the corresponding period of the previous year. This positive trajectory highlights a sustained upward momentum in the industrial sector, signaling a promising economic outlook for India.
Breakdown of Sectoral Growth:
*
Cement:
Cement production saw a significant surge of 7.1% in September, demonstrating strong demand in the construction and infrastructure sectors. The cumulative growth rate for the April-September period also stood at a healthy 1.6%.*
Refinery Products:
Petroleum refinery production exhibited strong growth, increasing by 5.8% in September compared to the same month in the previous year. The cumulative index for the April-September period also reflected a positive trend, registering a 2.3% growth.*
Coal:
Coal production witnessed a steady rise of 2.6% in September. The cumulative index for the April-September period also showcased positive growth, increasing by 5.9% compared to the corresponding period last year.*
Fertilizers:
Fertilizers production saw a modest increase of 1.9% in September. The cumulative index for the April-September period also reflected a positive trend, registering a 1.7% growth.*
Steel:
Steel production recorded a growth of 1.5% in September. The cumulative index for the April-September period showcased a strong performance, increasing by 6.1% compared to the corresponding period last year.These positive figures indicate a healthy growth trajectory in the core industries sector, contributing significantly to the overall Indian economy. The strong performance of these industries, particularly in key sectors like cement, refinery products, and steel, reflects the continued economic progress and expansion of India’s industrial landscape.
