India Core Sector Report May 2024: Government statistics indicates that in May 2024, industrial production in eight major industries of India grew to 6.3 percent. However, if we compare this rate to the previous year, it was 5.2%. Aside from this, growth was noted as a result of a good increase in the production of electricity, natural gas, and coal. Eight major industries’ production performance is measured by ICI, both individually and collectively.
Overview of Key Industries
Steel, coal, cement, crude oil, power, fertilizers, natural gas, and products from refineries. Forty-seven percent of the items included in the Index of Industrial Production are related to the eight major industries.
These are the eight major industrial sectors
Cement: Cement production declined by 0.8 percent in May, 2024 as compared to May, 2023. Its cumulative index during April to May, 2024-25 declined by 0.6 percent as compared to the same period of last year.
Coal: Between May 2023 and May 2024, the production of coal climbed by 10.2%. When comparing the April to May 2024–May 25 cumulative index to the same period in the previous year, it climbed by 8.9%.
Crude Oil: Compared to May 2023, the production of crude oil fell by 1.1% in May 2024. In April and May of 2024–25, the cumulative index had a 0.2% gain over the same time the prior year.
Electricity: May 2024 had a 12.8% rise in electricity generation over May 2023. When comparing the April to May 2024–May 25 cumulative index to the same period in the previous year, it climbed by 11.6%.
Fertilizer: May 2024 had a 1.7% drop in fertilizer production compared to May 2023. When comparing the April to May 2024–May 25 cumulative index to the same period in the previous year, it fell by 1.2%.
Natural Gas: May 2024 saw a 7.5% rise in natural gas generation over May 2023. When comparing the April to May 2024–May 25 cumulative index to the same period in the previous year, it climbed by 8.0%.
Petroleum Refinery Products: Petroleum refinery production increased by 0.5 per cent in May, 2024 as compared to May, 2023. Its cumulative index during April to May, 2024-25 increased by 2.2 per cent over the corresponding period of the previous year.
Steel: Steel production increased by 7.6 per cent in May, 2024 as compared to May, 2023. Its cumulative index during April to May, 2024-25 increased by 8.2 per cent over the corresponding period of the previous year.
