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.
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