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Growth of eight core sectors slows to 6.3% YoY in May
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Growth of eight core sectors slows to 6.3% YoY in May

| @indiablooms | 28 Jun 2024, 11:05 pm

New Delhi: The pace of growth of India's eight core sectors slowed to 6.3 percent year-on-year in May, slightly down from the 6.7 percent recorded in April, according to government data released on Friday.

These sectors had grown by 5.2 percent in May 2023. April's initial growth figure of 6.3 percent was later revised upward to 6.7 percent.

For the cumulative period of April-May 2024, the combined Index of Eight Core Industries (ICI) showed a year-on-year growth rate of 6.5 percent.

"The production of electricity, coal, steel, natural gas and refinery products recorded positive growth in May 2024," the Ministry of Commerce & Industry said in a statement.

The Index of Core Industries (ICI) is an essential indicator that tracks the overall and individual performance of eight key industries: cement, coal, crude oil, electricity, fertilizers, natural gas, refinery products, and steel.

Together, these industries represent 40.27 percent of the total weight of items in the Index of Industrial Production (IIP).

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