Coal sector records 16.1 percent growth in September

The Combined Index of eight Core Industries (ICI) has shown a significant increase of 8.1% (Provisional) in September 2023, compared to the same period in the previous year. The index of coal sector has showcased impressive growth of 16.1 percent reaching 148.1 points compared to 127.5 points during the same period last year. This is the highest growth in last 14 months except for August 2023. released by the Ministry of Commerce & Industries.

ICI is a production volume index that measures the collective and individual production performances of eight selected core industries. These industries are Natural Gas, Coal, Refinery Products, Crude Oil, Cement, Electricity, Steel, and Fertilizers. The compilation and release of the index are done by the Office of the Economic Adviser (OEA), The Department of Industrial Policy and Promotion (DIPP), Ministry of Commerce and Industry.

Coal production increased by 16.1 percent in September 2023 over September 2022. Its cumulative index increased by 12.2 percent from April to September 2023-24 over corresponding period of the previous year.

The ICI measures combined and individual performance of production of eight core industries viz. Cement, Coal, Crude Oil, Electricity, Fertilizers, Natural Gas, Refinery Products and Steel. ICI comprise 40.27 percent of the weight of items included in the Index of Industrial Production (IIP).

The final growth rate of ICI for June 2023 is revised to 8.4 percent. The cumulative growth rate of ICI from April to September 2023-24 is 7.8 percent (provisional) as compared to the corresponding period of last year.

Among the eight core sectors of the country, Coal India Limited said (CIL), CIL’s contribution was significant in this growth. Coal stock at CIL’s pitheads, meanwhile, stood at 41 megatons ending October, almost 14 MT more than the same period last year providing a comfortable buffer to meet any increase in future demand.