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Index of Eight Core Industries (BASE: 2011-12=100) for April, 2021

The Office of Economic Adviser, Department for Promotion of Industry and Internal Trade is releasing Index of Eight Core Industries (ICI) for the Month of April, 2021.ICI measures combined and individual performance of production in selected eight core industries viz. Coal, Crude Oil, Natural Gas, Refinery Products, Fertilizers, Steel, Cement and Electricity.The Eight Core Industries comprise 40.27 percent of the weight of items included in the Index of Industrial Production (IIP). Details of yearly and monthly indices and growth rate are provided at Annex I & II respectively.

The combined ICIstood at 126.7 in April2021, which increased by56.1per cent (provisional) as compared to the Index of April2020. This high growth rate in April 2021 is largely due to low Index base in April 2020 consequent tothe low industrial production across all sectors caused by nationwide lockdown imposed to contain spread of Covid-19 last year. The month over month production of eight core industries, as captured by ICI, declined by 15.1per cent (P) in April 2021 compared to March 2021(P) due to emergence of second wave of infectious COVID-19.

Final growth rate of Index of Eight Core Industries for January2021is revised to1.3%from its provisional level0.1 %.The growth rate of ICI during April-March 2020-21was (-)6.5% (P) as compared to the corresponding period of lastFY.

 

Annual and Monthly growth rate of Index of Eight Core Industries (combined) is depicted in the table:

 

Annual Growth Rates (YoY)* Monthly Growth Rate (MoM)#
Weight Jan-21 (F) Feb-21 (P) Mar-21 (P) Apr-21(P) Jan-21 (F) Feb-21(P) Mar-21(P) Apr-21(P)
Coal 10.3335 -1.9 -4.4 0.3 9.5 3.5 1.2 28.5 -46.0
Crude Oil 8.9833 -4.6 -3.2 -3.1 -2.1 0.7 -9.7 12.6 -4.6
Natural Gas 6.8768 -2.1 -1.0 12.3 25.0 5.2 -9.8 16.9 -1.1
Refinery Products 28.0376 -2.6 -10.9 -0.7 30.9 3.2 -12.3 17.0 -8.2
Fertilizers 2.6276 0.8 -3.7 -7.1 1.7 0.5 -11.6 -12.1 -5.3
Steel 17.9166 8.2 1.3 27.3 400.0 -1.7 -7.9 9.5 -20.7
Cement 5.372 -5.8 -5.6 32.7 548.8 4.6 -1.9 13.5 -15.2
Electricity 19.853 5.5 0.2 22.5 38.7 4.0 -6.3 17.0 -3.3
Overall Index 100 1.3 -3.8 11.4 56.1 2.3 -7.5 15.8 -15.1

P: Provisional, F: Final,

* Annual growth rate (Y-o-Y) is calculated over the corresponding month of previous year

#Monthly growth rate (M-o-M) is based on month over month comparison i.e. preceding month

 

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

Coal – Monthly Coal production (weight: 10.33 per cent) decreased by 46.0 percent (P) in April 2021 compared to March 2021 (P) while year on year basis production increased by 9.5 per cent (P) in April 2021compared toApril 2020. Its cumulative index declined by 1.9 per cent (P) during April to March, 2020-21 over corresponding period of the previous year.

 

Crude Oil–Monthly Crude Oil production (weight: 8.98 per cent) decreased by 4.6 percent (P) in April 2021 compared to March 2021 (P)while year on year basis production declined by 2.1 per cent (P) in April 2021 compared to April 2020. Its cumulative index declined by 5.2 per cent (P) during April to March, 2020-21 over the corresponding period of previous year.

Natural Gas – Monthly Natural Gas production (weight: 6.88 per cent) decreased by 1.1 percent (P) in April 2021 compared to March 2021 (P)while year on year basis production increased by 25.0 per cent in April 2021 (P) over April 2020. Its cumulative index declined by 8.2 per cent (P) during April to March, 2020-21 over the corresponding period of previous year.

 

Petroleum Refinery Products–Monthly Petroleum Refinery production (weight: 28.04 per cent) decreased by 8.2 percent (P) in April 2021 compared to March 2021 (P) while year on year basis production increased by 30.9 per cent (P) in April 2021 over April 2020. Its cumulative index declined by 11.2 per cent (P) during April to March, 2020-21 over the corresponding period of previous year.

 

Fertilizers –Monthly Fertilizers production (weight: 2.63 per cent) decreased by 5.3 percent (P) in April 2021 compared to March 2021 (P) while year on year basisproduction increased by 1.7 per cent (P) in April 2021 over April 2020. Its cumulative index increased by 1.5 per cent (P) during April to March, 2020-21 over the corresponding period of previous year.

 

Steel –Monthly Steel production (weight: 17.92 per cent) decreased by 20.7 percent (P) in April 2021 compared to March 2021 (P) while year on year basisproduction increased by 400.0 per cent (P) in April 2021 over April 2020. Its cumulative index declined by 9.0 per cent (P) during April to March, 2020-21 over the corresponding period of previous year.

 

Cement –Monthly Cement production (weight: 5.37 per cent) decreased by 15.2 percent (P) in April 2021 compared to March 2021 (P)while year on year basisproduction increased by 548.8 per cent (P) in April 2021 over April 2020. Its cumulative index declined by 11.9 per cent (P) during April to March, 2020-21 over the corresponding period of previous year.

 

Electricity –Monthly Electricity generation (weight: 19.85 per cent) decreased by 3.3 percent (P) in April 2021 compared to March 2021 (P) while year on year basisproduction increased by 38.7 per cent (P) in April 2021 over April 2020. Its cumulative index declined by 0.5 per cent (P) during April to March, 2020-21 over the corresponding period of previous year.

 

Note 1: Data for February, 2021, March, 2021 and April, 2021 are provisional.

Note 2: Since April, 2014, Electricity generation data from Renewable sources are also included.

Note 3: The industry-wise weights indicated above are individual industry weight derived from IIP and blown up on pro rata basis to a combined weight of ICI equal to 100.

Note 4: Since March 2019, a new steel product called Hot Rolled Pickled and Oiled (HRPO) under the item ‘Cold Rolled (CR) coils’ within the production of finished steel has also been included.

Note 5: Release of the index for May, 2021 will be on Wednesday 30th June, 2021.

 

 

 

 

Annex I

Performance of Eight Core Industries

Yearly Index & Growth Rate

Base Year: 2011-12=100

                                                                                                       Index

Sector Weight 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21* (April to March)
Coal 10.3335 103.2 104.2 112.6 118.0 121.8 124.9 134.1 133.6 131.1
Crude Oil 8.9833 99.4 99.2 98.4 97.0 94.5 93.7 89.8 84.5 80.1
Natural Gas 6.8768 85.6 74.5 70.5 67.2 66.5 68.4 69.0 65.1 59.8
Refinery Products 28.0376 107.2 108.6 108.8 114.1 119.7 125.2 129.1 129.4 114.9
Fertilizers 2.6276 96.7 98.1 99.4 106.4 106.6 106.6 107.0 109.8 111.5
Steel 17.9166 107.9 115.8 121.7 120.2 133.1 140.5 147.7 152.6 138.8
Cement 5.3720 107.5 111.5 118.1 123.5 122.0 129.7 147.0 145.7 128.3
Electricity 19.8530 104.0 110.3 126.6 133.8 141.6 149.2 156.9 158.4 157.6
Overall Index 100.00 103.8 106.5 111.7 115.1 120.5 125.7 131.2 131.6 123.0

*Provisional

 

 

 

Growth Rates (on Y-o-Y basis in per cent)

 

Sector Weight 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21* (April to March)
Coal 10.3335 3.2 1.0 8.0 4.8 3.2 2.6 7.4 -0.4 -1.9
Crude Oil 8.9833 -0.6 -0.2 -0.9 -1.4 -2.5 -0.9 -4.1 -5.9 -5.2
Natural Gas 6.8768 -14.4 -12.9 -5.3 -4.7 -1.0 2.9 0.8 -5.6 -8.2
Refinery Products 28.0376 7.2 1.4 0.2 4.9 4.9 4.6 3.1 0.2 -11.2
Fertilizers 2.6276 -3.3 1.5 1.3 7.0 0.2 0.03 0.3 2.7 1.5
Steel 17.9166 7.9 7.3 5.1 -1.3 10.7 5.6 5.1 3.4 -9.0
Cement 5.3720 7.5 3.7 5.9 4.6 -1.2 6.3 13.3 -0.9 -11.9
Electricity 19.8530 4.0 6.1 14.8 5.7 5.8 5.3 5.2 0.9 -0.5
Overall Growth 100.00 3.8 2.6 4.9 3.0 4.8 4.3 4.4 0.4 -6.5

*Provisional,YoY is calculated over the corresponding financial year of previous year

 

 

 

 

Annex II

Performance of Eight Core Industries

Monthly Index & Growth Rate

Base Year: 2011-12=100

Index

Sector Coal Crude Oil Natural Gas Refinery Products Fertilizers Steel Cement Electricity Overall Index
Weight 10.3335 8.9833 6.8768 28.0376 2.6276 17.9166 5.3720 19.8530 100.00
Apr-20 103.7 80.2 53.3 94.2 85.0 26.9 22.5 125.6 81.2
May-20 109.4 82.0 57.2 102.0 113.4 96.4 117.3 150.6 107.7
Jun-20 104.3 79.6 58.1 110.6 114.6 122.3 137.8 156.2 116.3
Jul-20 100.3 83.0 61.2 114.5 119.4 141.9 126.8 166.3 122.5
Aug-20 98.2 81.2 61.0 105.9 120.8 150.7 109.1 162.7 119.7
Sep-20 105.6 78.3 57.5 106.3 113.5 149.9 126.8 166.4 121.4
Oct-20 122.4 80.9 60.6 111.5 122.8 158.4 141.3 162.2 126.7
Nov-20 137.9 78.3 58.4 126.5 118.5 156.0 132.1 144.8 127.7
Dec-20 156.2 80.5 60.8 126.9 117.0 170.9 147.8 157.9 136.1
Jan-21 161.6 81.1 64.0 130.9 117.5 168.1 154.6 164.2 139.2
Feb-21* 163.6 73.2 57.7 114.8 103.9 154.9 151.7 153.9 128.8
Mar-21* 210.3 82.4 67.4 134.4 91.3 169.6 172.1 180.0 149.2
Apr-21* 113.5 78.5 66.7 123.4 86.4 134.5 146.0 174.1 126.7

*Provisional

 

 

 

Growth Rates (on Y-o-Y basis in per cent)

Sector Coal Crude Oil Natural Gas Refinery Products Fertilizers Steel Cement Electricity Overall Growth
Weight 10.3335 8.9833 6.8768 28.0376 2.6276 17.9166 5.3720 19.8530 100.00
Apr-20 -15.5 -6.4 -19.9 -24.2 -4.5 -82.8 -85.2 -22.9 -37.9
May-20 -14.0 -7.1 -16.8 -21.3 7.5 -40.4 -21.4 -14.8 -21.4
Jun-20 -15.5 -6.0 -12.0 -8.9 4.2 -23.2 -6.8 -10.0 -12.4
Jul-20 -5.7 -4.9 -10.2 -13.9 6.9 -6.5 -13.5 -2.4 -7.6
Aug-20 3.6 -6.3 -9.5 -19.1 7.3 0.5 -14.5 -1.8 -6.9
Sep-20 21.0 -6.0 -10.6 -9.5 -0.3 6.2 -3.4 4.8 0.6
Oct-20 11.7 -6.2 -8.6 -17.0 6.3 5.9 3.2 11.2 -0.5
Nov-20 3.3 -4.9 -9.3 -4.8 1.6 0.7 -7.3 3.5 -1.1
Dec-20 2.2 -3.6 -7.2 -2.8 -2.9 3.5 -7.2 5.1 0.4
Jan-21 -1.9 -4.6 -2.1 -2.6 0.8 8.2 -5.8 5.5 1.3
Feb-21* -4.4 -3.2 -1.0 -10.9 -3.7 1.3 -5.6 0.2 -3.8
Mar-21* 0.3 -3.1 12.3 -0.7 -7.1 27.3 32.7 22.5 11.4
Apr-21* 9.5 -2.1 25.0 30.9 1.7 400.0 548.8 38.7 56.1

*Provisional,YoY is calculated over the corresponding month of previous year

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