Output of eight core industries jumps 6% in February, dip in crude oil

The combined index for eight core industries rose 6 per cent in February as compared last year. According to the data released by the Centre on Friday, the production of Fertilizers, Coal, Electricity, Cement, Steel, Refinery Products and Natural Gas increased in February 2023 over the corresponding month of last year.

The index measures combined and individual performance of production of eight core industries namely Coal, Crude Oil, Natural Gas, Refinery Products, Fertilizers, Steel, Cement and Electricity.

At 22.2 per cent year-on-year (YoY), the sharpest jump was noted in fertiliser production.

"Fertilizers production increased by 22.2 per cent in February, 2023 over February, 2022," the announcement read. 

It was followed by an 8.5 per cent jump in coal production and 7.6 per cent in electricity generation. The production in cement and steel industries grew 7.3 and 6.9 per cent respectively. 

The production of petroleum refinery products jumped 3.3 per cent and for natural gas, it rose 3.2 per cent. 

The only industry that saw a fall in production was crude oil. 

"Crude oil production declined by 4.9 per cent in February, 2023 over February, 2022," the office of economic advisor said. 

The Eight Core Industries comprise 40.27 per cent of the weight of items included in the Index of Industrial Production (IIP).