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Index of Eight Core Industries

Posted on May 1, 2021 by admin1  53

In News

The Office of the Economic Adviser, Department for Promotion of Industry and Internal Trade released the Index of Eight Core Industries for the Month of March, 2021.

Major Highlights

  • The combined Index of Eight Core Industries stood at 143.1 in March, 2021, which increased by 6.8 (provisional) per cent as compared to the Index of March, 2020.
  • The cumulative growth during April to March, 2020-21 has been (-) 7.0%.
  • Summary of the Index of Eight Core Industries
    • Coal: Coal production (weight: 10.33 per cent) declined by 21.9 per cent in March, 2021 over March, 2020.
      • Its cumulative index declined by 4.8 per cent during April to March, 2020-21 over the corresponding period of the previous year.
    • Crude Oil: The Crude Oil production (weight: 8.98 per cent) declined by 3.1 per cent in March, 2021 over March, 2020.
      • Its cumulative index declined by 5.2 per cent during April to March, 2020-21 over the corresponding period of previous year.
    • Natural Gas: The Natural Gas production (weight: 6.88 per cent) increased by 12.3 per cent in March, 2021 over March, 2020.
      • Its cumulative index declined by 8.2 per cent during April to March, 2020-21 over the corresponding period of previous year.
    • Petroleum Refinery Products: The Petroleum Refinery production (weight: 28.04 per cent) declined by 0.7 per cent in March, 2021 over March, 2020.
      • Its cumulative index declined by 11.2 per cent during April to March, 2020-21 over the corresponding period of previous year.
    • Fertilizers: The fertilizers production (weight: 2.63 per cent) declined by 5.0 per cent in March, 2021 over March, 2020.
      • Its cumulative index increased by 1.8 per cent during April to March, 2020-21 over the corresponding period of previous year.
    • Steel: The steel production (weight: 17.92 per cent) increased by 23.0 per cent in March, 2021 over March, 2020.
      • Its cumulative index declined by 9.5 per cent during April to March, 2020-21 over the corresponding period of previous year.
    • Cement: The cement production (weight: 5.37 per cent) increased by 32.5 per cent in March, 2021 over March, 2020.
      • Its cumulative index declined by 11.9 per cent during April to March, 2020-21 over the corresponding period of previous year.
    • Electricity: The electricity generation (weight: 19.85 per cent) increased by 21.6 per cent in March, 2021 over March, 2020.
      • Its cumulative index declined by 0.6 per cent during April to March, 2020-21 over the corresponding period of previous year.

About  Index of Eight Core Industries

  • The Index of Eight Core Industries captures the output of coal, crude oil, natural gas, steel, cement, fertilisers, electricity, and refinery products. 
    • These core industries are considered as main or key industries of the economy and serve as the backbone of all other industries.
  • The index has a 40.27% weight in the Index of Industrial Production (IIP), suggesting a sharp contraction in that indicator.
  • The base year of the index has been revised to 2011-12 from 2004-05 in alignment with the new series of IIP.

Index of Industrial Production

  • The Index of Industrial Production(IIP) is  an index that tracks manufacturing activity in different sectors of an economy
  • All India IIP is a composite indicator that measures the short-term changes in the volume of production of a basket of industrial products during a given period.
  • It is compiled and published monthly by the Central Statistics Office (CSO).

Department for Promotion of Industry and Internal Trade (DPIIT)

  • The Department of Industrial Policy & Promotion (DIPP) was renamed as the Department for Promotion of Industry and Internal Trade (DPIIT) in 2019 after bringing internal trade in ambit.
  • Administered by the Ministry of Commerce and Industry. 
  • It is a nodal Government agency with a responsibility to formulate and implement growth strategies for the Industrial Sector along with other Socio-Economic objectives and national priorities.

Source: BS


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