Core Industries Grow 12.1% In October Driven By Four Key Sectors
Growth was primarily driven by a low base effect and double-digit growth in four sectors -- coal, steel, cement and electricity. Infrastructure sectors grew by 9.2% in September.
The output of eight key infrastructure sectors jumped by 12.1% in October 2023 against 0.7% expansion in the year-ago period on account of a sharp uptick in production of coal, steel, cement and electricity, according to the official data released on Thursday.
These numbers assume significance as the eight core sectors -- coal, crude oil, natural gas, refinery products, fertiliser, steel, cement and electricity -- contribute 40.27% to the Index of Industrial Production (IIP).
Growth was primarily driven by a low base effect and double-digit growth in four sectors -- coal, steel, cement and electricity.
Infrastructure sectors grew by 9.2% in September.
The output growth of eight sectors was at 8.6% in April-October 2023-24 against 8.4% in the year-ago period.
Coal output rose by 18.4% while steel production jumped 11% during the month under review as against 3.8% and 5.8% in October 2022 respectively.
Cement production grew by 17.1% against a 4.2% contraction in the year-ago period. Electricity generation rose by 20.3% in October 2023 against 1.2% in the same month last year.
Output of crude oil and natural gas increased by 1.3% and 9.9% in October this year respectively as against a negative growth of 2.2% and 4.2% in October 2022 respectively.
Refinery products production stood at 4.2% in October this year as against (-) 3.1% in October 2022.
Fertiliser production growth stood at 5.3% in October this year as against 5.4% in October 2022.
