India's Key Infrastructure Sectors Surge By 12.1 Per Cent In October, Propelled By Robust Growth In Coal, Steel, Cement And Electricity

In a noteworthy development, the output of eight key infrastructure sectors in India recorded a remarkable surge of 12.1 per cent in October 2023, marking a substantial increase from the 0.7 per cent expansion reported in the same period last year.

Official data released on Thursday (30 November) revealed that this robust growth was propelled by a significant uptick in the production of coal, steel, cement, and electricity.

The eight core sectors, namely coal, crude oil, natural gas, refinery products, fertilizer, steel, cement, and electricity, play a pivotal role, contributing almost 40.27 per cent to the Index of Industrial Production (IIP),

As reported by Bqprime, September had already witnessed a growth of 9.2 per cent in these infrastructure sectors, setting the stage for the continued momentum in October.

Breaking down the sector-wise performance, coal production experienced a remarkable 18.4 per cent increase, while steel production exhibited a notable growth of 11 per cent in October 2023.

Cement production recorded an impressive 17.1 per cent growth, bouncing back from a 4.2 per cent contraction in the year-ago period.

Additionally, electricity generation witnessed a substantial increase of 20.3 per cent in October 2023, as opposed to the 1.2 per cent reported in October 2022.

Crude oil and natural gas sectors also demonstrated positive growth, with a 1.3 per cent and 9.9 per cent increase, respectively, in October this year, reversing the negative growth observed in the same month of 2022.

The sustained momentum in these sectors is expected to play a pivotal role in bolstering India's economic resilience and recovery.