Eight Core Sector Industries' Output Grows By 7.9 Per Cent In September

Eight Core Sector Industries' Output Grows By 7.9 Per Cent In September

by PTI - Tuesday, November 1, 2022 09:56 AM IST
Eight Core Sector Industries' Output Grows By 7.9 Per Cent In SeptemberCoal

Production of eight infrastructure sectors expanded by 7.9 per cent in September -- the highest in three months -- on account of better show by coal, fertiliser, cement and electricity segments, according to official data released on Monday.

In September last year, the growth rate stood at 5.4 per cent. It was 4.1 per cent in August. The previous high was in June when the output expanded by 13.1 per cent.

The production growth of eight infrastructure sectors -- coal, crude oil, natural gas, refinery products, fertiliser, steel, cement and electricity -- was 9.6 per cent during April-September this fiscal, compared to 16.9 per cent a year ago.

Output of coal, fertiliser, cement and electricity in September rose by 12 per cent, 11.8 per cent, 12.1 per cent, and 11 per cent, respectively.

Refinery products output to rose 6.6 per cent as against 6 per cent in the same month last year.

However, crude oil and natural gas production contracted by 2.3 per cent and 1.7 per cent, respectively, during the month under review.

Commerce and Industry Minister Piyush Goyal tweeted: 'A reason why India is being called a global bright spot is the strength of its core industries. Output of 8 core industries in September grew 7.9 per cent.' Commenting on the data, ICRA Ltd Chief Economist Aditi Nayar said after two months of moderation, core sector growth rebounded to a robust 7.9 per cent in September.

With this growth, 'we expect the IIP (index of industrial production) to revert to a modest 4-6 per cent YoY (year on year) rise in that month, from the unexpected contraction in August 2022,' she added.

The IIP data for September is expected to be released by the government in the second week of November.

The eight core industries contribute 40.27 per cent in the IIP.

(This story has been published from a wire agency feed without any modifications to the text. Only the headline has been changed.)

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