Positive growth recorded in all key sectors

This growth indicates good performance in various sectors that contribute significantly to the country’s industrial production.

According to the latest data released by the government, the production of electricity, natural gas, coal, steel, refined products, crude oil and cement showed noticeable growth in April 2024, highlighting the resilience of these key sectors.

The ICI serves as a key barometer measuring both the collective and individual performance of eight major industries, namely cement, coal, petroleum, electricity, fertilizers, natural gas, refined products and steel.

Together, these industries constitute 40.27% of the weight of items covered by the Index of Industrial Production (IIP).

The revised data indicates that the final growth rate of the Eight Basic Industries Index for January 2024 will be 4.1%.

Moreover, ICI’s compound growth rate for FY 2023-24 is 7.6%, showing a positive trajectory compared to the same period last year.

Cement production in April 2024 recorded a slight increase of 0.6%. compared to April 2023. The cumulative cement production rate for the financial year 2023-2024 recorded an increase of 9.0%. compared to last year.

Coal production in April 2024 recorded a significant increase of 7.5%. compared to April 2023. The cumulative coal production rate for the fiscal year 2023-24 observed an increase of 11.8%. compared to the same period of the previous year.

Crude oil production in April 2024 recorded a marginal increase of 1.6%. compared to the same month last year. However, the cumulative crude oil production rate for FY 2023-24 showed a moderate growth of 0.6%. compared to the same period of the previous year.

In April 2024, compared to April 2023, there was a significant increase in electricity generation – by 9.4%. The cumulative electricity generation rate for fiscal year 2023-24 showed an increase of 7.1%.

Fertilizer production in April 2024 decreased slightly by 0.8%. compared to April 2023. However, the cumulative fertilizer production rate for fiscal year 2023-24 showed an increase of 3.7%. compared to the same period of the previous year.

In April 2024, natural gas production recorded a significant increase of 8.6% compared to April 2023. The cumulative natural gas production rate for fiscal year 2023-2024 showed an increase of 6.1%.

The production of petroleum refinery products in April 2024 recorded a steady increase of 3.9%. compared to April 2023. The Cumulative Petroleum Refinery Products Index recorded a growth of 3.6 per cent for the financial year 2023-24.

Steel production in April 2024 recorded a noticeable increase of 7.1%. compared to April 2023. The cumulative steel production rate for the fiscal year 2023-24 showed an increase of 12.4%. compared to last year.

Additionally, various adjustments and additions have been made, such as the introduction of a new steel product called Hot Rolled Pickled and Oiled (HRPO), to accurately reflect the evolving industrial landscape.

The Ministry indicated that the publication of the index for May 2024 is scheduled for June 28. (OR)

This report is auto-generated from ANI news website. ThePrint is not responsible for their content.