Eight Core Industries

Production of core industries continues on the declining path in September 2019.

Published monthly by the Ministry of Commerce and Industry. Updated till August 2019 (Published on September 30th, 2019).
Note: The YoY%, 3m average and MoM% series have been calculated over the seasonally-adjusted series.

Recent Data Trend

The growth in eight-core industries' output saw the steepest decline since 2011-12 of -5.2% year-on-year(YoY) in September 2019. The decline in output was led by a contraction in the production of coal (-20.5% YoY), crude oil (-5.4% YoY) and refinery products (-6.7% YoY). The coal industry output recorded a very steep fall which led to the overall fall in eight core index. Of the eight industries, only fertiliser industry witnessed growth in output in September 2019.

In comparison to the first quarter of the fiscal year, a slowdown in the output is across the board with all the 8 core industries experiencing a contraction or a fall in production growth. The industrial output of the economy has suffered mainly on the back of a fall in credit growth to industries. In the past two months, the challenges facing the Modi government is from both demand and supply side. The weak growth in bank lending is despite the reduction in interest rates and cheaper borrowing costs.

Even in terms of industrial production there are no signs of recovery, as can be seen from the last month's performance. The eight-core output grew marginally by 1.3% YoY for the cumulative period of April-September 2019. This indicates we still have a long way to go for the economy to see a revival in industrial growth and for the overall economy to stabilise.

Brief Overview of Eight Core Industries of India

The data on production of eight core industries of India is published monthly by the Ministry of Commerce and Industry. The current base year for the index of the series is 2011-12=100. The eight core industries included are- Coal, Crude oil, Natural Gas, Petroleum refinery products, Fertilizer, Cement, Steel, and Electricity generation. These eight industries comprise 40.27% of the weight of the items included in the Index of Industrial Production.

For more information visit the official government website.

Next Release Date: November 30th, 2019

Production of Eight Core Industries-Quarterly

Note: The QoQ% has been estimated onn the seasonally-adjusted series.

Production of Eight Core Industries-Annual

Note: The data in the above graph is of the base year 2004-05=100 and has been discontinued since March 2017.