Eight core sectors in India increased by 6.7% in February 2024 as the combined Index of Eight Core Industries (ICI) surged in February 2024 against 7.4% growth in February 2023, the commerce ministry data shows.
The ICI index grew 4.1% in January 2024 and 4.9% in December 2023, the data shows. "The production of coal, natural gas, cement, steel, crude oil, electricity and refinery products recorded positive growth in February 2024," says the ministry.
The final growth rate of the index of eight core industries for November 2023 has also been revised to 7.9%. The cumulative growth rate of ICI from April to February 2023-24 stood at 7.7% compared to the corresponding period of last year.
The cement sector grew 10.2% in February 2024 over 7.4% in February 2023, and its cumulative index increased 9.1% in April to February 2023-24 YoY.
The coal production increased by 11.6% in February 2024 against 9% in February 2023. Its cumulative index increased 12.1% during April to February 2023-24 on year-on-year.
The steel and electricity generation dipped 8.4% and 6.3%, respectively, in February 2024 over 12.4% and 8.2% in February 2023.
Crude oil production increased 7.9% in February 2024 over February 2023. Its cumulative index increased by 0.5% from April to February 2023-24 on a YoY basis.
Fertiliser production declined by 9.5% in February 2024 over February 2023. Its cumulative index increased by 4.1% in April-February 2023-24 over the corresponding period of the previous year.
Natural Gas saw an 11.3% increase in February 2024 over February 2023. Its cumulative index increased by 6% in April-February 2023-24 YoY.
Petroleum refinery products increased by 2.6% in February 2024 over February 2023. Its cumulative index increased 3.8% from April to February 2023-24 YoY.
Separately, the monthly account data of the government up to February 2024 shows the Centre has received ₹22,45,922 crore (81.5% of corresponding revenue estimates 2023-24 of total receipts) up to February 2024 comprising ₹18,49,452 crore of tax revenue, ₹3,60,330 crore of non-tax revenue and ₹36,140 crore of non-debt capital receipts.
Non-debt capital receipts consist of recovery of loans of ₹23,480 crore and miscellaneous capital receipts of ₹12,660 crore. “Around ₹10,33,433 crore has been transferred to states as devolution of share of taxes by the government of India upto this period which is ₹2,25,345 crore higher than the previous year.”
Total expenditure incurred by the government is ₹37,47,287 crore (83.4% of corresponding RE 2023-24), out of which ₹29,41,674 crore is on revenue account and ₹8,05,613 crore is on capital account. Out of the total revenue expenditure, ₹8,80,788 crore is on account of interest payments and ₹3,60,997 crore is on account of major subsidies.
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