According to the Ministry of Commerce, Core Sector Industries grew by 7.4% in December 2022

According to the most recent information made available by the Ministry of Commerce and Industry, the Index of Eight Core Industries (ICI) as a whole climbed by 7.4% in December 2022 compared to Index in December 2021. Eight major industries—coal, crude oil, natural gas, refinery products, fertilizers, steel, cement, and electricity—are all measured individually and together by ICI.

The weight of the items included in the Index of Industrial Production is made up of the Eight Core Industries in 40.27 percent (IIP).

The figures show that coal output rose by 11.5% in December 2022 compared to December 2021. In comparison to December 2021, natural gas output increased by 2.6% in December 2022. Production at petroleum refineries increased by 3.7% during that time.

In comparison to December 2021, output of fertilizers, steel, and cement grew by 7.3%, 9.2%, and 9.1%, respectively.

In comparison to December 2021, electricity production increased by 10.0% in December 2022.

However, only oil output fell by 1.2% in December 2022 compared to December 2021 among these eight major sectors.

Eight important industries' output increased by 5.7% in November 2022.

Eight infrastructure sectors had growth of 8% from April to December of this fiscal year compared to 12.6% during the same time previous year.

According to the Economic Survey presented to Parliament on Tuesday, the industries only grew by a meager 4.1% in FY23 compared to a strong 10.3% growth in FY22 as a result of input cost pressures, supply chain disruptions, and the China lockdown which had an effect on the availability of crucial inputs and slowed the global economy.

According to statistics for the first half of FY23, the industrial sector's overall Gross Value Added (GVA) increased by 3.7%, which is greater than the 2.8% average growth seen in the first half of the previous decade, according to the Economic Survey 2022-23.