The core sectors in India grew by 5.8% in February 2022 at 137.1 compared to the same time last year, according to the data released by the Ministry of Commerce and Industry. The eight core sectors include coal, crude oil, natural gas, refinery products, fertilizers, steel, cement, and electricity. The cumulative growth rate of the Index of Eight Core Industries (ICI) stood at 11.0 per cent for the April to February period for FY 2021-22, compared to the same time last year.
The production of coal increased by 6.6 per cent in February 2022, whereas its cumulative index increased by 9.8 per cent during April to February period for FY22. Amidst the Russia-Ukraine crisis and a surge in oil prices, crude oil production witnessed a decrease of 2.2 per cent compared to the same period in the previous fiscal. The cumulative index of crude oil production also declined by 2.6 per cent during the April to February period for FY22.
The core sector constitutes 40 per cent of the Index of Industrial Production (IIP), thus making it a major indicator of industrial activity.