Core industry growth falls to 1.8 pc in Nov

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SME Times News Bureau | 02 Jan, 2013
Eight core industries such as power and coal logged a sluggish 1.8 percent growth in November this year as compared to 7.8 percent growth registered in the corresponding month of the previous year, government data showed Monday.

"The decline in growth in November 2012 was on account of negative growth witnessed in the production of coal, natural gas and cement and deceleration in growth rates of electricity, steel and petroleum refinery products," the commerce and industry ministry said in a statement.

During April-November 2012-13, the cumulative growth rate of core industries was 3.5 percent as against their growth at 4.8 percent during the corresponding period of 2011-12.

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

Crude oil production registered a growth of 0.8 percent in November 2012 as against 5.7 decline in the same month last year.

Electricity generation grew by a sluggish 2.3 percent during the month under review as compared to 14.4 percent growth registered in November 2011, while steel production grew by 6 percent in November 2012.