 "manufacturing")
The index of eight core industries for February 2024 grew at 6.7 per cent, up from 4.1 per cent in January 2024, according to data released by the Ministry of Commerce and Industry on Thursday. In February 2023 the growth was 7.4 per cent, however by the end of the year, December 2023, the growth fell to 4.9 per cent.
Core industries contributing to this growth include coal, natural gas, cement, steel, crude oil, electricity, and refinery products. These eight core sectors contribute 40.27 per cent to the country's Index of Industrial Production (IIP).
Coal production recorded a substantial growth rate of 11.6 per cent in February 2024 compared to the same time last year, while cement production witnessed a notable increase of 10.2 per cent.
Crude oil production saw a growth of 7.9 per cent and electricity generation increased by 6.3 per cent.
Natural gas production also registered a significant growth of 11.3 per cent in February 2024, while petroleum refinery production was up by 2.6 per cent.
Meanwhile, fertiliser production declined by 9.5 per cent in February 2024 compared to the same period last year.
Steel production also witnessed a notable growth of 8.4 per cent in February 2024 compared to February 2023.
The ministry added that the data for December 2023, January 2024, and February 2024 were provisional and subject to revision. The release of the index for March 2024 is scheduled for Tuesday, April 30, 2024. Additionally, the final growth rate of the Index of eight core industries for November 2023 was revised to 7.9 per cent.
