# India is Seeing Strong Economic Growth

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Last modified: 2023-02-28

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By Shayne Heffernan · 2023-02-28
Tags: Shayne Heffernan on Investments, Politics, Headline News, Shayne Heffernan, Knightsbridge Insights, Featured, Most Popular
Signed: no (published before platform launch).
Nothing in this article is investment advice.

The growth rate of index of eight core industries in India increased by 7.8 percent in January, the Indian federal ministry of commerce and industry said here Tuesday.

"The combined index of eight core industries increased by 7.8 percent (provisional) in January 2023 as compared to the index of January 2022. The production of fertilizers, coal, electricity, steel, natural gas, cement and refinery products increased in January 2023 over the corresponding month of last year," a statement issued by the ministry said.

Among the core industries, coal production increased by 13.4 percent year-on-year in January, while crude oil production saw 1.1 percent decline during the same period.

Natural gas and petroleum refinery products increased 5.3 percent and 4.5 percent, respectively, in January.

Fertilizers production in January increased by 17.9 percent and steel production increased by 6.2 percent year-on-year.

Cement production increased by 4.6 percent and electricity production increased 12.0 percent year-on-year in January.

According to the ministry, the eight core industries comprise 40.27 percent of the weight of items included in the Index of Industrial Production.

Meanwhile, the cumulative growth rate of index of eight core industries during April-January 2022-23 was 7.9 percent (provisional) as against 11.6 percent during the same period in last fiscal year.

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