Eight core industries growth slows to 2.5% in March

02 May 2014 Evaluate

The output growth of eight core industries slowed down to 2.5% in the month of March from a year earlier, against 4.5% in February and 7% recorded in the same month of previous year on account of poor production of crude oil, natural gas and fertiliser sectors. Core industries’ cumulative growth slowed to 2.6% during FY14 from 6.5% in FY13.

The eight industries - crude oil, petroleum refinery products, natural gas, fertilisers, coal, electricity, cement and finished steel - have a weight of 37.9% in the overall Index of Industrial Production (IIP). Among core sectors, Electricity generation having 10.32% weight in index registered a growth of 5.4% in March, 2014 over the same month of corresponding period. During April to March 2013-14 it recorded a growth of 5.6% over the corresponding period of previous year. Steel and Coal sectors having weightage of 6.68% and 4.38% respectively in IIP index, registered a growth of 5.4% and 0.7% respectively, in the month under review over March 2013. In cumulative terms, Steel and Coal production grew by 4.3% and 0.8% during April to March 2013-14 from a year earlier.

Cement production having 2.41% weight in IIP index remained same in March, 2014 as of March, 2013, while its cumulative growth during April to March, 2013-14 was 3.0 % over the corresponding period of previous year. Petroleum refinery production, representing 5.94% weight in IIP index registered a growth of 2.8% in March, 2014 over March 2013. The cumulative growth of Petroleum refinery production during April-March, 2013-14 grew by 1.7% over the corresponding period of previous year.

On the flip side, Fertilizer production having weightage of 1.25% in IIP index declined by 6.1% in March, 2014 over March, 2013. However, the cumulative index of Fertilizer production during April to March 2013-14 grew at 1.5% on yoy basis. Natural Gas production having weight 1.71% in IIP index declined by 9.3% in March 2014 as compared to the month in March, 2013 and its cumulative index during April to March 2013-14 declined by 13% over corresponding period of previous year. Crude Oil production having weight of 5.22 % in IIP index declined by 1.6 % in March, 2014 over March, 2013. The cumulative growth in Crude Oil output during April to March, 2013-14 declined by 0.2 % over the corresponding period of previous year.

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