New Delhi: The Index of Eight Core Industries (ICI) reported a gain of 18.1% in May this year. The growth of ICI was at 16.4% in May last year. This was announced by the Union Commerce and Industry Ministry.
As per the government data, the increased production in cement, coal, fertilizers and electricity industries is the main reason for the surge in the ICI. In April this year, the ICI witnessed a growth of 8.4%.
In May this year, the cement industry recorded the highest growth of 26.3%. Coal industries gained by 25.1%. Fertilizer industry sector surged 22.8%, electricity grew 22% and natural gas witnessed growth of 7%.
The ICI is calculated after considering the combined and individual performance of production in selected 8 core industries. The 8 industries are 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).