The eight core industries’ output growth grew 12.1 percent in October 2023, much higher than the 0.7 per cent growth recorded in same month last fiscal.

The government has also now revised upwards the eight core industries output growth for September 2023 to 9.2 percent as against 8.1 percent earlier, official data showed.

Also the August 2023 reading has now been revised up to 12.5 percent from the earlier 14-month high of 12.1 percent projected earlier for that month. July 2023 reading has been revised up to 8.5 percent.

All the eight industries record positive growth in October 2023.

For April-October 2023, the core industries’ output grew 8.6percent (provisional) as compared to 8.4 percent in same period last year. 

In fiscal 2022-23, core industries output grew 7.6 percent, lower than 10.4 per cent growth in the previous fiscal.

Coal output continued to sizzle with growth of 18.1 percent in October 2023, higher than the 3.8 percent growth in October last  year. It was higher than the robust 16 percent growth seen in September  this year.

For the month under review, cement sector output grew 17.1 percent (-4.2 percent) and electricity generation was up robust 20.3 percent (1.2 percent).

The eight core industries —Coal, Natural Gas, Crude Oil, refinery products, fertilisers, Cement, Steel and Electricity —comprise 40.27 percent of the weight of items included in the Index of Industrial Production (IIP).


For the month of October 2023, natural gas output grew 9.9 percent (-4.2 percent); refinery products at 4.2 percent (-3.1 percent); fertilisers at 5.3 percent (5.4 percent); Steel at 11 percent (5.8 percent).

Crude oil output saw growth of 1.3 percent (-2.2  percent).


Aditi Nayar, Chief Economist, Head Research and Outreach, ICRA Ltd, said that the YoY growth in the core sector expectedly rebounded to double digits in October 2023, aided by the low base owing to higher number of holidays in the year ago month amid the earlier onset of the festive season in 2022 vis-à-vis 2023. 

“As many as four of the eight core industries witnessed double-digit growth in October 2023, including electricity, coal, cement and steel”, she said.

This shift in the festive calendar obfuscates YoY comparisons in October and November, thereby making it more meaningful to look at the average YoY growth performance for these months, Nayar added.