Healthy productions of coal, petroleum products as well as eased Covid restrictions lifted the growth of India’s eight major industries in October on a year-on-year and sequential basis.
On a sequential basis, the Index of Eight Core Industries’ (ICI) readings for last month showed a faster rate of expansion at 7.5% (provisional) from a rise of 4.5% (provisional).
Similarly, on a year-on-year basis, the ICI readings during the period under review was higher than (-) 0.5% reported for October, 2020.
The ICI index comprises 40.27% of the weight of items included in the Index of Industrial Production (IIP), and comprises coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity.
“The combined Index of Eight Core Industries stood at 136.2 in October 2021, which increased by 7.5% (provisional) as compared to the Index of October 2020,” a Ministry of Commerce and Industry statement said.
“The production of ‘Coal, Natural Gas, Refinery Products, Fertilisers, Steel, Cement and Electricity’ industries increased in October 2021 over the corresponding period of last year.”
As per the statement, the final growth rate of Index of Eight Core Industries for July 2021 is revised to 9.9% from its provisional level 9.4%.
“The growth rate of ICI during April-October 2021-22 was 15.1% (P) as compared to the corresponding period of last FY.”
