The Office of Economic Adviser, Department for Promotion of Industry and Internal Trade is releasing Index of Eight Core Industries for the Month of April, 2020.
The growth rate of Index of Eight Core Industries for April 2020 declined by 38.1% (provisional) compared to decline of 9 percent (provisional) previous month of March 2020.In view of nationwide lockdownduring April 2020 due to COVID-19 pandemic, various industries viz. Coal, Cement, Steel, Natural Gas, Refinery, Crude Oil etcexperienced substantial loss of production.
Finalgrowth rate of Index of Eight Core Industries for January’2020 remains unchanged at 2.2%.The Eight Core Industries comprise 40.27 per cent of the weight of items included in the Index of Industrial Production (IIP).Detail of yearly/monthly index and growth rate is provided at Annexure.
Monthly growth rates of Index of Eight Core Industries (Overall) is depicted in the graph:
5. The summary of the Index of Eight Core Industries is given below:
Coal- Coal production (weight: 10.33per cent) declinedby 15.5 per cent in April, 2020 over April,2019. Its cumulative index declined by 0.4 per cent during April toMarch, 2019-20over corresponding period of the previous year.
Crude Oil-Crude Oil production (weight: 8.98per cent) declined by 6.4 per cent in April, 2020 over April,2019. Its cumulative index declined by 5.9 per cent during April toMarch, 2019-20over the corresponding period of previous year.
Natural Gas- The Natural Gas production (weight:6.88per cent) declinedby19.9 per cent in April, 2020 over April,2019. Its cumulative index declined by 5.6 per cent during April to March, 2019-20 over the corresponding period of previous year.
Refinery Products- Petroleum Refinery production (weight: 28.04per cent) declined by 24.2 per cent in April, 2020 over April,2019. Its cumulative index increased by 0.2per cent during April to March, 2019-20over the corresponding period of previous year.
Fertilizers-Fertilizers production (weight: 2.63 per cent) declined by 4.5 per cent in April, 2020 over April,2019. Its cumulative index increasedby 2.7 per cent during April toMarch, 2019-20 over the corresponding period of previous year.
Steel-Steel production (weight: 17.92per cent)declinedby 83.9 per cent in April, 2020 over April,2019. Its cumulative index increased by 3.4 per centduring April to March, 2019-20 over the corresponding period of previous year.
Cement-Cement production (weight:5.37per cent) declinedby 86.0 per cent in April, 2020over April,2019. Its cumulative index declinedby0.9 per centduring April to March, 2019-20over the corresponding period of previous year.
Electricity- Electricity generation (weight:19.85per cent) declinedby 22.8 per centin April, 2020over April,2019. Its cumulative indexincreased by1.0per cent duringApril to March, 2019-20over the corresponding period of previous year.
Note 1: Data for February, 2020, March, 2020and April, 2020are provisional.
Note 2: Since April, 2014, Electricity generation data from Renewable sources are also included.
Note 3: The industry-wise weights indicated above are individual industry weight derived from IIP and blown up on pro rata basis to a combined weight of ICI equal to 100.
Note 4: Since March 2019, a new steel product called Hot Rolled Pickled and Oiled (HRPO) under the item ‘Cold Rolled (CR) coils’ within the production of finished steel has also been included.
Note5: Release of the index for May, 2020 will be on Tuesday,30thJune, 2020
