The index of India’s eight core industries grew by 4% in June 2024, following a growth of 6.3% in May. These eight sectors – including Coal, Electricity, Natural Gas, Steel, Fertilizer, and Cement – make up 40.27% of the Index of Industrial Production (IIP). The cumulative growth rate for the first three months of the fiscal year 2024-25 was 5.7% compared to the same period the previous year.
Cement production increased by 1.9% in June 2024 compared to the previous year, with a cumulative index increase of 0.3% for the April to June period. Coal production saw a significant increase of 14.8% in June 2024 compared to June 2023, with a cumulative index increase of 10.8% for the same period. However, Crude Oil production declined by 2.6% in June 2024, with a cumulative index decline of 0.7% for the April to June period.
Electricity generation saw a notable increase of 7.7% in June 2024 compared to June 2023, with a cumulative index increase of 10.5% for the April to June period. Fertilizer production increased by 2.4% in June 2024 compared to the same month the previous year, with a constant cumulative index for the April to June period. Natural Gas production also increased by 3.3% in June 2024 compared to June 2023, with a cumulative index increase of 6.4% for the April to June period.
On the other hand, Petroleum Refinery production saw a decline of 1.5% in June 2024 compared to the previous year, with a cumulative index increase of 0.9% for the April to June period. The data suggests a mixed performance across the core sectors in June, with some industries showing growth and others experiencing declines. It will be important to monitor the performance of these sectors in the coming months to gauge the overall health of India’s industrial production.
