Eight core sectors’ growth hits 9-month low at 3.3% in August


Eight core sectors growth hits 9-month low at 33 in August

Eight core sectors’ growth hits 9-month low at 3.3% in August

Eight core infrastructure sectors’ growth hit a nine-month low of 3.3 percent in August, as per official data released on Friday. In the corresponding month of 2021, the core sectors‘ growth was recorded at 12.2 percent.

The production growth of eight infrastructure sectors, namely coal, crude oil, natural gas, refinery products, fertiliser, steel, cement and electricity, was 9.8 percent during April-August this fiscal, compared to 19.4 percent a year ago, the Ministry of Commerce and Industry said in a statement.

The previous low was in November 2021 at 3.2 per cent. The Eight Core Industries comprise 40.27 per cent of the weight of items included in the Index of Industrial Production (IIP).

The weightage of the items included in the Index of Industrial Production (IIP) is made up of the eight core industries in 40.27 percent. August 2022 saw an increase in the output of steel, cement, coal, refinery products, fertilisers, and electricity compared to the same month the previous year, according to official statistics issued by the Ministry of Commerce & Industry on Friday.

Index of eight core industries measures the combined and individual performance of output in chosen eight essential industries, namely coal, crude oil, natural gas, refinery products, fertilizers, steel, cement and electricity.

Production of coal (weightage: 10.33 percent) grew by 7.6 percent in August 2022 compared to August 2021. In comparison to the same time in 2022–2023, its cumulative index rose by 22.7 percent from April until August in FY23. Production of crude oil (weightage: 8.98 percent) fell by 3.3 percent YoY in August 2022, and its cumulative index fell by 1.1 percent from April to August 2022–2023 compared to the same period in the previous year, as per the ministry data.



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