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India's eight core sector growth slows down to 0.1% in October

FILE PHOTO:  A worker wearing a face mask works on a production line manufacturing bicycle steel rim at a factory (REUTERS/File photo) (REUTERS)Premium
FILE PHOTO: A worker wearing a face mask works on a production line manufacturing bicycle steel rim at a factory (REUTERS/File photo) (REUTERS)

  • However, the data – released by the Ministry of Commerce and Industry – noted that the production of fertilizers, steel, coal and electricity generation increased in October 2022 over the corresponding month of last year.

The core sector industries growth slowed down to 0.1 per cent in October as against 8.7 per cent same month last year, revealed government data on 30 November. 

However, the data – released by the Ministry of Commerce & Industry – noted that the production of fertilizers, steel, coal and electricity generation increased in October 2022 over the corresponding month of last year.

Following the release of the data, the Ministry revised the final growth rate of index of eight core industries for July 2022 to 4.8 per cent from its provisional level 4.5 per cent. The cumulative growth rate of ICI during April-October 2022-23 was 8.2 percent (provisional) as compared to the corresponding period of 2021-22.

Providing more information, the Ministry said that the coal production increased by 3.6 per cent in October, 2022 over October, 2021, while the cumulative index increased by 18.1 per cent during April to October, 2022-23 over corresponding period of the previous year.

For crude oil, the production declined by 2.2 per cent in October, 2022, over the corresponding period of previous year.

ALSO READ: Centre's Apr-Oct fiscal deficit widens to 7.58 lakh crore of FY23 target

Natural gas production too declined by 4.2 per cent in October, 2022 over October, 2021. And Petroleum Refinery Products plunged 3.1 per cent in October, 2022.

The fertilizers production increased by 5.4 per cent in October, 2022, and Steel production rose by 4.0 per cent in October, 2022.

Even electricity generation increased by 0.4 per cent in October, 2022 over the corresponding period of previous year, but cement production declined by 4.3 per cent in October, 2022, the Ministry said.

Previously in September, the growth in the eight infrastructure sectors of the economy recovered to a three-month high, following a decelerating in the previous two months.

The government data, released by the ministry of commerce and industry had showed that the growth in the the eight sectors — coal, crude, natural gas, refinery products, fertilizers, cement, steel, and electricity — rebounded to 7.9 per cent in September.

ALSO READ: Core sector recovers in Sep after slowing for two months

It slowed to a a seven-month low of 4.1 per cent in August. Barring crude oil and natural gas, all sector posted growth in September. Especially, coal fertilizer, cement and electricity posted double-digit growth in output during the month.

In the Index of Industrial Production, the eight core industries hold 40.27 per cent weight and are critical for the revival of industrial production in India.

Earlier in the day, the official data revealed that India's fiscal deficit widened to 7.58 lakh crore in April to October, accounting for 45.6 per cent of annual estimates. For fiscal 2022-23, the fiscal deficit of the government is estimated to be 16.61 lakh crore or 6.4 per cent of the GDP.

The fiscal deficit for April to October last year had accounted for 36.3 per cent of the FY22 aim. In the April to September period, fiscal deficit had widened to touch 6.20 lakh crore accounting for 37.3 per cent of annual estimates.

ABOUT THE AUTHOR

Saurav Mukherjee

A business media enthusiast...believe to listen more, than just blabbering like others.
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