Electricity leads core sector’s growth

New Delhi: The eight core industries that include sectors such as coal, cement, steel and electricity posted a 6.3 per cent growth in May this year compared to the same month of the previous year, according to data released by the Commerce and Industry Ministry on Friday. Electricity generation clocked a robust 12.8 per cent increase during May over the same month of the previous year. Coal production also posted a double-digit growth of 10.2 per cent in May while steel production rose by 7.6 per cent during the month.

Natural Gas production also increased by 7.5 per cent in May, 2024 over May, 2023 helping the country to use more of the green fuel in the transport sector and household kitchens. Petroleum Refinery production increased by 0.5 per cent in May, 2024 over the same month last year.

However, fertiliser production declined 1.7 per cent in May.

The cumulative growth rate of the index of the eight core industries during April to May, 2024-25 rose by 6.5 per cent as compared to the same period last year, the data show.

These core industries comprise 40.27 per cent of the weight of items included in the Index of Industrial Production (IIP) and give a pointer to the overall industrial growth rate.

The Commerce and Industry Ministry also said that the final growth rate of the Index of Eight Core Industries for February 2024 has been revised to 7.1 per cent as the numbers have been updated with more data coming in.