New Delhi: The index of eight core industries (ICI) recorded a 3.6 percent increase in January 2024 compared to January 2023, driven by positive growth in sectors such as coal, steel, cement, natural gas, electricity, and crude oil, according to provisional data released. 

"The combined performance of these core industries is crucial as they account for 40.27 percent of the weight of items included in the Index of Industrial Production (IIP)," the government stated. This growth reflects the ongoing recovery and expansion across these key sectors of the economy. 

The ICI, which measures the collective and individual performance of eight core industries, saw a notable increase in coal production by 10.2 percent in January 2024 over the same month last year. Similarly, electricity generation surged by 5.2 percent, and crude oil production saw a modest increase of 0.7 percent during the same period. 

The final growth rate for the ICI in October 2023 has been revised to 12.7 percent. Furthermore, the cumulative growth rate from April to January 2023-24 stood at 7.7 percent compared to the corresponding period of the last year. 

Detailing the sector-wise performance, the report highlighted a 5.6 percent increase in cement production and a 7.0 percent rise in steel production in January 2024 over January 2023. However, not all sectors experienced growth; fertilizer production slightly declined by 0.6 percent, and petroleum refinery products saw a decrease of 4.3 percent in the same period. 

Despite mixed performances in some sectors, the overall growth trajectory of India's core industries remains positive, contributing significantly to the country's industrial and economic development.