India's eight core industries witness strong growth of 18.1% in May
Premium- The growth was driven by robust performance in the production of cement, coal, fertilizers, and electricity industries.
India's eight core industries registered a strong growth of 18.1% in May 2022 compared to 8.4% in April this year. The growth was driven by robust performance in the production of cement, coal, fertilizers, and electricity industries.
The combined Index of Eight Core Industries stood at 148.1 in May 2022.
Here is the summer of the core sectors in May 2022, as per the Ministry of Commerce & Industry data.
Coal (weightage of 10.33% in the index):
Coal production increased by 25.1% in May compared to the same month last year. Its cumulative index increased by 26.9% from April to May 2022-23 over the corresponding period of the previous year.
Crude Oil (weightage of 8.98%):
The crude oil production climbed by 4.6% in May on a year-on-year basis. Cumulatively, the production soared by 1.8% from April to May 2022-23 over the corresponding period of the previous year.
Natural Gas (weightage of 6.88%):
The country witnessed a rise of 7% in natural gas production during May 2022 against the same month a year ago. Its cumulative index increased by 6.7% from April to May 2022-23 over the corresponding period of the previous year.
Petroleum Refinery Products (weightage of 28.04%):
Production in petroleum refinery products increased by 16.7% in May 2022 over May last year. Its cumulative index increased by 12.8% from April to May 2022-23 over the corresponding period of the previous year.
Fertilizers (weightage of 2.63%):
Fertilizers production surged by 22.8% in May 2022 over May last year. Cumulatively, the sector recorded an increase of 16.3% in production from April to May 2022-23 over the corresponding period of the previous year.
Steel (weightage of 17.92%):
India's steel production logged a growth of 15% in May 2022 over the same last year. Cumulatively, the production increased by 8.4% from April to May 2022-23 over the corresponding period of the previous year.
Cement (weightage of 5.37%):
Production in the cement industry jumped by 26.3% in May compared to the same month last year. Cumulatively, the production increased by 15.9% from April to May 2022-23 over the corresponding period of the previous year.
Electricity (weightage of 19.85%):
Electricity generation increased by 22% in May 2022 over May last year. Its cumulative index increased by 16.7% from April to May 2022-23 over the corresponding period of the previous year.
In a statement today, the ministry said that the final growth rate of the Index of Eight Core Industries for February 2022 is revised to 5.9% from its provisional level of 5.8%.
India's core industries comprise Coal, Crude Oil, Natural Gas, Refinery Products, Fertilizers, Steel, Cement, and Electricity. Together, the index accounts for 40.27% weight of items included in the Index of Industrial Production (IIP).