New Delhi, July 29 (FN Bureau) Driven by coal, refinery products and electricity among others, India’s eight core industries grew 12.7 per cent year-on-year in June, 2022. “The combined Index of Eight Core Industries (ICI) increased by 12.7 per cent (provisional), as compared to the Index of June 2021,” an official statement from the Commerce and Industry Ministry said here on Friday. As per the data released by the Ministry, the production of coal, cement, electricity, refinery products, fertilizers, steel and natural gas industries increased in June, 2022 over the corresponding period of last year. Crude oil production declined by 1.7 per cent in June, 2022 over June, 2021. The eight core industries comprised 40.27 per cent of the weight of items included in the Index of Industrial Production (IIP). “Final growth rate of Index of Eight Core Industries for March, 2022 revised to 4.8 per cent from its provisional level 4.3 per cent. The growth rate of ICI during April-June 2022-23 was 13.7 per cent (P), as compared to the corresponding period of last FY,” the Commerce Ministry said. The latest data showed coal production increased by 31.1 per cent in June, 2022 over June, 2021. Crude oil production declined by 1.7 per cent in June, 2022 over June, 2021.
Natural gas production increased by 1.2 per cent in June, 2022 over June, 2021, it added. While petroleum refinery production increased by 15.1 per cent in June, 2022 year-on-year, fertilizers production increased by 8.2 per cent cent during this period, said the statement. Steel production increased by 3.3 per cent in June, 2022 over June, 2021. Cement production increased by 19.4 per cent in June, 2022 over June, 2021. In the previous month, electricity generation increased by 15.5 per cent per cent in June, 2022 over June, 2021, it added. Commenting on the core sector numbers, ICRA Chief Economist Aditi Nayar said, “The core sector reported an 8 per cent growth in June 2022 relative to the pre-covid level, with a healthy performance of all the sectors except steel and crude oil. “In line with the moderation in the YoY performance recorded by most high frequency indicators as well as the core sector in June 2022, we expect the IIP growth to ease to 11-13 per cent in that month,” she said.