Combined Index of Eight Core Industries Registers 6.3% Growth in May
The Indian economy has witnessed a significant uptick with the Combined Index of Eight Core Industries registering a growth of 6.3% in May, according to recent data.
Fri, 28 Jun 2024
The Indian economy has witnessed a significant uptick with the Combined Index of Eight Core Industries (ICI) registering a growth of 6.3% in May 2024, according to recent data. This surge is particularly noteworthy as it marks a positive trend in the production of key sectors such as electricity, coal, and steel.
The ICI measures the combined and individual performance of eight core industries, which include cement, coal, crude oil, electricity, fertilizers, natural gas, refinery products, and steel. The growth recorded in May 2024 is a welcome development for policymakers and industry experts alike, who have been monitoring the sector's performance closely.
Combined Index of Eight Core Industries (ICI) increases by 6.3% in May 2024; Production of Electricity, Coal, Steel, Natural Gas record positive growth
— PIB India (@PIB_India) June 28, 2024
ICI measures the combined and individual performance of production of eight core industries viz. Cement, Coal, Crude Oil,…
The positive growth trend observed across various sectors is particularly noteworthy. Electricity production saw a significant increase of 10.8% in May 2024, followed by coal with a growth rate of 6.1%. Steel production also recorded a positive growth of 5.7%, indicating a steady recovery in the industry.
As the economy continues to navigate its path towards recovery, the latest ICI data provides a crucial insight into the sector's performance. It will be interesting to see how this trend plays out in the coming months and what implications it has for the overall economy.
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