Output of eight core sectors slows down to 3.5 pc in April

"The combined Index of Eight Core Industries (ICI) increased by 3.5 per cent (provisional) in April 2023 as compared to the Index of April 2022," a media release said.

According to the official data, production of fertilizers, steel, cement and coal increased in April 2023 over the corresponding month of last year.

The ICI measures combined and individual performance of production of eight core industries viz. 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).

While coal production increased by 9% in April, 2023 over April, 2022, crude oil production declined by 3.5% during this period. Natural gas production declined by 2.8 per cent year-on-year in April, 2023.

Petroleum refinery production declined by 1.5% in April this year. Fertilizers production increased by 23.5% in April, 2023 over April, 2022.

Steel and cement productions increased by 12.1% and 11.6% respectively in April, 2023 over the same month previous year.

As per the official release, electricity generation declined by 1.4% in April, 2023 over April, 2022.

The combined output of eight core industries had dropped to a five-month low of 3.6% year-on-year in March 2023 as against 7.2% in the previous month.

(With UNI inputs)