Growth of eight core sectors down to 4.5% in July

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IANS | 31 Aug, 2022
India's eight core sectors logged a growth of 4.5 per cent (provisional) last month (July) down from the growth rate of 9.9 per cent logged during July 2021, said the Ministry of Commerce & Industry.

The government also revised the final growth rate of Index of Eight Core Industries for April 2022 to 9.5 per cent from its provisional level of 8.4 per cent.

The Index of Core Industries (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 production of coal, refinery products, fertilisers, steel, electricity and cement industries increased in July 2022 over the corresponding period of last year.

The growth rate of ICI during April-July 2022-23 was 11.5 per cent (provisional) as compared to the corresponding period of last financial year, the government said.

The eight core industries comprise 40.27 percent of the weight of items included in the Index of Industrial Production (IIP).

According to the Ministry of Commerce & Industry, coal production increased by 11.4 per cent in July 2022 over July 2021.

The production of crude oil and natural gas declined by 3.8 per cent and 0.3 per cent in July 2022, as compared to the figures of July 2021.

On the other hand, last month the production of petroleum refinery products went up by 6.2 per cent, fertilisers by 6.2 per cent, steel by 5.7 per cent, cement by 2.1 per cent and electricity generation by 2.2 per cent, over the figures logged during July 2021.