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Growth of India's eight core sectors, which include electricity, cement, steel, fertilisers and refinery, slowed to 4.3 per cent in March from 6 per cent in the previous months, the government data showed on Friday.
The core industries sector growth has declined sharply due to the poor performance of coal, natural gas, crude oil and steel sectors. Coal output dropped by 0.1 per cent in March 2022 against 6.8 per cent growth recorded in the previous month. Crude oil production dropped by 3.4 per cent during the month the decline in production in the previous month was 2.2 per cent. According to data released by the Ministry of Commerce & Industry, the cumulative growth rate of Index of Eight Core Industries (ICI) during April-March 2021-22 was 10.4 per cent (provisional) as compared to the corresponding period of the last financial year. The growth data for February 2022 has been revised upward at 6 per cent from 5.8 per cent reported earlier. The final growth rate for December 2021 has been revised to 4.1 per cent from its provisional level of 3.8 per cent. The Office of Economic Adviser, Department for Promotion of Industry and Internal Trade released the Index of Eight Core Industries (ICI) for the Month of March 2022. ICI measures combined and individual performance of production in selected eight core industries viz. coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity. The Eight Core Industries comprise 40.27 per cent of the weight of items included in the Index of Industrial Production (IIP), the Ministry of Commerce and Industry said. The production of natural gas, refinery products, fertilisers, steel, cement and electricity industries increased in March 2022 over the corresponding period of last year. Electricity generation increased by 4.9 per cent in March 2022 over March 2021. Its cumulative index increased by 7.8 per cent during April to March 2021-22 over the corresponding period of the previous year. Cement production increased by 8.8 per cent in March 2022 over March 2021. Its cumulative index increased by 20.8 per cent during April to March, 2021-22 over the corresponding period of the previous year. Steel production increased by 3.7 per cent in March 2022 over March 2021. Its cumulative index increased by 16.9 per cent during April to March, 2021-22 over the corresponding period of the previous year. Fertilisers production increased by 15.3 per cent in March 2022 over March 2021. Its cumulative index increased by 0.7 per cent during April to March, 2021-22 over the corresponding period of the previous year. Petroleum Refinery production increased by 6.2 per cent in March 2022 over March 2021. Its cumulative index increased by 8.9 per cent during April to March, 2021-22 over the corresponding period of the previous year. Natural Gas production increased by 7.6 per cent in March, 2022 over March, 2021. Its cumulative index increased by 19.2 per cent during April to March, 2021-22 over the corresponding period of the previous year. Crude Oil production declined by 3.4 per cent in March 2022 over March 2021. Its cumulative index declined by 2.6 per cent during April to March, 2021-22 over the corresponding period of the previous year. (ANI)
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