Eight core sector industries grow by 0.1 pc in Oct

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SME Times News Bureau | 01 Dec, 2011
The index of Eight core industries having a combined weight of 37.90 percent in the Index of Industrial Production (IIP) stood at 140.54 in October with a growth rate of 0.1 percent compared to its growth at 7.2 percent in October 2010.

The IIP data released on Wednesday said, "During April-October 2011-12, the cumulative growth rate of the Core industries was 4.3 percent as against their growth at 5.9 percent during the corresponding period in 2010-11."

The eight industries -- crude oil, petroleum refinery products, natural gas, fertilisers, coal, electricity, cement and finished steel-- have a weight of 37.90 percent in the overall Index of Industrial Production (IIP).

Electricity and steel output grew by 4.9 percent and 3.8 percent in October against 8.5 percent and 13.4 percent respectively in the same month last year, according to the provisional data released on Wednesday.

No growth was recorded in cement production in October, while the same was 18.5 percent in the year-ago month.

Coal and crude oil production contracted by 9 percent and 0.9 percent respectively in the month under the review against 0.7 percent and 13.7 percent expansion in the comparable period last year.

Natural gas and petroleum refinery products coal output contracted by 7.4 percent and 2.8 percent in October 2011 respectively.

In the same month last year, the sectors had witnessed a growth of 6.5 percent and (-) 4.8 percent.

Fertiliser output declined by 2.1 percent in October. It was (-) 0.2 percent in the same period last year.

During April-October 2011-12, the growth of core industries slowed down to 4.3 percent from 5.9 percent in the same quarter last year.