Annual growth of Eight Core Industries Index drops to 2.3% in February

The growth of the combined Index of Eight Core Industries (ICI) slowed to 2.3 per cent in February, compared with 4.7 per cent in January, on an annual basis. According to data released by the Commerce and Industry Ministry, cement production grew by 9.3 per cent, steel production by 7.2 per cent, fertilizer production by 3.4 per cent, coal production by 2.3 per cent, and electricity generation by 0.5 per cent in February on an annual basis. However, the Crude Oil production declined by 5.2% and Natural Gas production fell by five % while Petroleum Refinery Products production dipped marginally. The eight core industries comprise over 40% of the weight of items included in the Index of Industrial Production.