Output Of Eight Core Industries Rises 6 Per Cent In February, Crude Oil Production Dips

The output of core sectors had increased by 8.9 per cent in January 2023. Barring crude oil, all the segments posted an increase in production. Crude oil output contracted by 4.9 per cent in February

Steel production increased by 6.9 per cent in February, 2023 over February, 2022.

Source : Getty

The combined index for eight core industries rose 6 per cent in February as compared last year. According to the data released by the central government on Friday, the production of Fertilizers, Coal, Electricity, Cement, Steel, Refinery Products, and Natural Gas increased in February 2023 over the corresponding month of last year.

The output of core sectors had increased by 8.9 per cent in January 2023. Barring crude oil, all the segments posted an increase in production. Crude oil output contracted by 4.9 per cent in February. The growth rate of eight infrastructure sectors, coal, crude oil, natural gas, refinery products, fertilisers, steel, cement, and electricity, stood at 7.8 per cent in April-February this fiscal as against 11.1 per cent during the same period last fiscal year.

Core sector or key infrastructure industries, which have a 40.27 per cent weight in the overall index of industrial production (IIP), would have a bearing on industrial production data for the month.

The summary of the Index of Eight Core Industries is given below:

Coal - Coal production (weight: 10.33 per cent) increased by 8.5 per cent in February, 2023 over February, 2022. Its cumulative index increased by 15.2 per cent during April to February 2022-23 over corresponding period of the previous year.

Crude Oil - Crude Oil production (weight: 8.98 per cent) declined by 4.9 per cent in February, 2023 over February, 2022. Its cumulative index declined by 1.6 per cent during April to February, 2022-23 over the corresponding period of previous year.

Natural Gas - Natural Gas production (weight: 6.88 per cent) increased by 3.2 per cent in February, 2023 over February, 2022. Its cumulative index increased by 1.5 per cent during April to February, 2022-23 over the corresponding period of previous year.

Petroleum Refinery Products - Petroleum Refinery production (weight: 28.04 per cent) increased by 3.3 per cent in February, 2023 over February, 2022. Its cumulative index increased by 5.2 per cent during April to February, 2022-23 over the corresponding period of previous year.

Fertilizers - Fertilizers production (weight: 2.63 per cent) increased by 22.2 per cent in February, 2023 over February, 2022. Its cumulative index increased by 11.5 per cent during April to February, 2022-23 over the corresponding period of previous year.

Steel - Steel production (weight: 17.92 per cent) increased by 6.9 per cent in February, 2023 over February, 2022. Its cumulative index increased by 7.5 per cent during April to February, 2022-23 over the corresponding period of previous year.

Cement - Cement production (weight: 5.37 per cent) increased by 7.3 per cent in February, 2023 over February, 2022. Its cumulative index increased by 9.7 per cent during April to February, 2022-23 over the corresponding period of previous year.

Electricity - Electricity generation (weight: 19.85 per cent) increased by 7.6 per cent in February, 2023 over February, 2022. Its cumulative index increased by 9.9 per cent during April to February, 2022-23 over the corresponding period of previous year.