Office of Economic Adviser ,DPIIT Released Index of Eight Core Industries.
Office of economic adviser ,DPIIT released index of eight core industries.
What is the news:
The Office of Economic Adviser, Department for Promotion of Industry and Internal Trade is releasing Index of Eight Core Industries (ICI) for the Month of December, 2021.
ICI measures combined and individual performance of production in selected eight core industries viz. Coal, Crude Oil, Natural Gas, Refinery Products, Fertilizers, Steel, Cement and Electricity.
The Eight Core Industries comprise 40.27 percent of the weight of items included in the Index of Industrial Production (IIP).
About the index:
The combined Index of Eight Core Industries stood at 141.3 in December 2021, which increased by 3.8 per cent (provisional) as compared to the Index of December 2020.
The production of Coal, Natural Gas, Refinery Products, Fertilizers, Cement and Electricity industries increased in December 2021 over the corresponding period of last year.
Final growth rate of Index of Eight Core Industries for September 2021 is revised to 5.4% from its provisional level 4.4%. The growth rate of ICI during April-December 2021-22 was 12.6% (P) as compared to the corresponding period of last FY.
The summary of the Index of Eight Core Industries is given below:
Coal – Coal production (weight: 10.33 per cent) increased by 5.2 per cent in December, 2021 over December, 2020. Its cumulative index increased by 10.6 per cent during April to December, 2021-22 over corresponding period of the previous year.
Crude Oil – Crude Oil production (weight: 8.98 per cent) declined by 1.8 per cent in December, 2021 over December, 2020. Its cumulative index declined by 2.6 per cent during April to December, 2021-22 over the corresponding period of previous year.
Natural Gas – Natural Gas production (weight: 6.88 per cent) increased by 19.5 per cent in December, 2021 over December, 2020. Its cumulative index increased by 22.4 per cent during April to December, 2021-22 over the corresponding period of previous year.
Petroleum Refinery Products – Petroleum Refinery production (weight: 28.04 per cent) increased by 5.9 per cent in December, 2021 over December, 2020. Its cumulative index increased by 10.0 per cent during April to December, 2021-22 over the corresponding period of previous year.
Fertilizers – Fertilizers production (weight: 2.63 per cent) increased by 3.5 per cent in December, 2021 over December, 2020. Its cumulative index decreased by 0.1 per cent during April to December, 2021-22 over the corresponding period of previous year.
Steel – Steel production (weight: 17.92 per cent) declined by 1.0 per cent in December, 2021 over December, 2020. Its cumulative index increased by 22.1 per cent during April to December, 2021-22 over the corresponding period of previous year.
Cement – Cement production (weight: 5.37 per cent) increased by 12.9 per cent in December, 2021 over December, 2020. Its cumulative index increased by 26.1 per cent during April to December, 2021-22 over the corresponding period of previous year.
Electricity – Electricity generation (weight: 19.85 per cent) increased by 2.5 per cent in December, 2021 over December, 2020. Its cumulative index increased by 9.4 per cent during April to December, 2021-22 over the corresponding period of previous year.
About DPIIT:
The Department for Promotion of Industry and Internal Trade (DPIIT)is a central government department under the Ministry of Commerce and Industry in India.
It is responsible for formulation and implementation of promotional and developmental measures for growth of the industrial sector, keeping in view the national priorities and socio-economic objectives.
While individual administrative ministries look after the production, distribution, development and planning aspects of specific industries allocated to them, DPIIT is responsible for the overall industrial policy.
It is also responsible for facilitating and increasing the foreign direct investment (FDI) flows to the country.