Coal, petroleum products’ production fuel Oct industry growth

New Delhi: Healthy production of coal, and petroleum products as well as eased Covid restrictions lifted the growth of India’s eight major industries in October on a year-on-year and sequential basis.

On a sequential basis, the Index of Eight Core Industries’ (ICI) readings for last month showed a faster rate of expansion at 7.5 per cent (provisional) from a rise of 4.5 per cent (provisional).

Similarly, on a year-on-year basis, the ICI readings during the period under review was higher than (-) 0.5 per cent reported for October 2020.

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The ICI index comprises 40.27 per cent of the weight of items included in the Index of Industrial Production (IIP), comprising coal, crude oil, natural gas, refinery products, fertilisers, steel, cement, and electricity.

“The combined Index of Eight Core Industries stood at 136.2 in October 2021, which increased by 7.5 per cent (provisional) as compared to the Index of October 2020,” a Ministry of Commerce and Industry statement said.

“The production of coal, natural gas, refinery products, fertilisers, steel, cement and electricity industries increased in October 2021 over the corresponding period of last year.”

As per the statement, the final growth rate of Index of Eight Core Industries for July 2021 is revised to 9.9 per cent from its provisional level of 9.4 per cent.

“The growth rate of ICI during April-October 2021-22 was 15.1 per cent (P) as compared to the corresponding period of last FY.”

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