India’s Core Sector Growth Slows To 15 Month Low Of 3.6% In January | Economy News


New Delhi: The growth of eight key infrastructure sectors slowed to a 15-month low of 3.6 percent in January though crude oil, natural gas, and cement production recorded positive growth, official data released on Thursday showed. 

The growth of eight core sectors was 4.9 percent in December.  It was 9.7 percent in January 2023.  The previous low level of growth rate was recorded at 0.9 percent in October 2022.

Poor performance of sectors like refinery products, fertiliser, steel and electricity led to degrowth in core sector in January 2024.

The ICI measures the combined and individual performance of production of eight core industries viz. Cement, Coal, Crude Oil, Electricity, Fertilizers, Natural Gas, Refinery Products and Steel. The Eight Core Industries comprise 40.27 percent of the weight of items included in the Index of Industrial Production (IIP).

Cumulatively also, the growth rate in the output of these sectors slowed down to 7.7 per cent as against 8.3 per cent in April-January 2022-23. The output growth of refinery products and fertiliser was in the negative zone. And the pace of increase in the output of coal, steel, and electricity decelerated during the month under review.

The final growth rate of Index of Eight Core Industries for October 2023 is revised to 12.7 per cent. The cumulative growth rate of ICI during April to January, 2023-24 is 7.7 per cent (provisional) as compared to the corresponding period of last year.


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