India 2018

330 India 2018
Trends in Growth of Eight Core Industries
The Index of eight core industries (ICI) measures the performance of eight core
industries i.e. coal, crude oil, natural gas, petroleum refinery products, fertilizers,
steel, cement and electricity. It is a monthly production Index calculated using
fixed base year.
In line with the base year change in IIP, the Office of the Economic Adviser,
Department of Industrial Policy and Promotion, revised the base year of index
of eight core industries from 2004-05 to 2011-12. The industries included in the
ICI roughly comprise 40 per cent weight in the IIP, although there is no one to
one relationship of the item basket in ICI with the item basket in IIP. As per the
new base year the ICI registered a growth of 3.8 per cent in 2012-13. In 2013-14,
it registered growth of 2.6 per cent. During 2014-15, it registered growth of 4.9
per cent. In 2015-16, it decelerated to 3.0 per cent. During 2016-17, the ICI
recovered steam and registered a growth of 4.8 per cent. The production of
coal, refinery products, fertilizers, steel and electricity registered positive growth,
with steel registering the most positive growth of 10.7 per cent. On the other
hand, crude oil, natural gas and cement production registered negative growth.
Industrial / Economic Corridors
Development of industrial/economic corridors is a very important policy
initiative of the Government for boosting industrial development, income and
employment.
Delhi Mumbai Industrial Corridor
The Delhi Mumbai Industrial Corridor (DMIC) project is being developed on
both sides of the Western Dedicated Freight Corridor (WDFC) as a global
manufacturing and investment destination and has made significant progress
since 2011. Considered as one of the largest infrastructure projects in the world,
DMIC Industrial cities are benchmarked against some of the recently established
smart industrial cities in other parts of the world. An institutional framework
with a dedicated Special Purpose Vehicle (SPV) viz., Delhi Mumbai Industrial
Corridor Development Corporation Ltd. (DMICDC) was set up for project
development, coordination and implementation of the project.
National Industrial Corridor Development and Implementation Trust
In view of the success and importance of DMIC project, four more industrial
corridors were assurance namely Amritsar - Kolkata Industrial Corridor (AKIC)
Bengaluru - Mumbai Economic Corridor (BMEC), Chennai ­ Bengaluru
Industrial Corridor (CBIC) and East Coast Economic corridor with Vizag ­
Chennai industrial corridor (VCIC) as the initial phase of development. It has
been expanded and re-designated as National Industrial Corridor Development
and Implementation Trust (NICDIT).