Output of eight core industries contracts 1.8% in August

The Ministry of Commerce & Industry in its latest data has showed that the output of eight core industries contracted for the first time in nearly four years by 1.8 per cent in August 2024 due to decline in output of coal, crude oil, natural gas, refinery products, cement and electricity. In August 2023, the core sector’s output had grown 13.4 per cent and in July 2024, it had grown by 6.1 per cent. The Eight Core Industries - coal, crude oil, natural gas, refinery products, fertilizers, steel, cement and electricity - comprise 40.27 per cent of the weight of items included in the Index of Industrial Production (IIP).

Coal production having 10.33 per cent weight declined by 8.1 per cent in August, 2024 over August, 2023, while its cumulative index increased by 6.5 per cent during April to August, 2024-25 over corresponding period of the previous year. Electricity generation having 19.85 per cent weight declined by 5.0 per cent in August, 2024 over August, 2023, while its cumulative index increased by 6.8 per cent during April to August, 2024-25 over corresponding period of the previous year. Cement production having 5.37 per cent weight declined by 3.0 per cent in August, 2024 over August, 2023, while its cumulative index increased by 0.7 per cent during April to August, 2024-25 over corresponding period of the previous year. 

Petroleum Refinery production having 28.04 per cent weight declined by 1.0 per cent in August, 2024 over August, 2023, while its cumulative index increased by 1.7 per cent during April to August, 2024-25 over corresponding period of the previous year. Natural Gas production having 6.88 per cent weight declined by 3.6 per cent in August, 2024 over August, 2023, while its cumulative index increased by 2.6 per cent during April to August, 2024-25 over corresponding period of the previous year. Crude Oil production having 8.98 per cent weight declined by 3.4 per cent in August, 2024 over August, 202 and its cumulative index declined by 1.7 per cent during April to August, 2024-25 over corresponding period of the previous year.

However, steel production having 17.92 per cent weight increased by 4.5 per cent in August, 2024 over August, 2023 and its cumulative index increased by 7.3 per cent during April to August, 2024-25 over corresponding period of the previous year. Fertilizer production having 2.63 per cent weight increased by 3.2 per cent in August, 2024 over August, 2023 and its cumulative index increased by 1.7 per cent during April to August, 2024-25 over corresponding period of the previous year.