New Delhi: The growth rate of the index of eight core industries (ICI) slowed down to a six-month low of 3.5% in April 2023. The growth rate in April 2023 is the lowest since October 2022 when the sectors expanded by 0.7%. The decline in the output of crude oil, natural gas, refinery products and electricity is the main reason for this declining growth rate.
The eight core infrastructure sectors are coal, crude oil, natural gas, refinery products, fertiliser, steel, cement and electricity. The ICI is calculated after considering the combined and individual performance of production in these 8 core industries. The 8 Core Industries comprise 40.27% of the weight of items included in the Index of Industrial Production (IIP).
The core sector growth was 9.5% in April 2022. In March 2023 the key infra sectors recorded a growth rate of 3.6%. per cent.
Coal production growth declined to 9% in April this year. Fertiliser production soared by 23.5%, steel by 12.1% and cement output by 11.6% in April.