December core sector growth slows to three month low of 2.4%

03 Feb 2015 Evaluate

In not so encouraging development for the economy, growth in the eight Indian core sectors, which contribute to 38% of the industrial production slowed to three month low of 2.4% in December from 6.7% in November 2014. The index of eight core sector, which include coal, crude, natural gas, petroleum refinery, steel, cement, fertilizer and electricity stood at 172.7 in December. Its cumulative growth during April to December, 2014-15 was 4.4%.

However, the major drag came from slowdown in steel output, which occupies 6.88% in the overall index. The index declined by 2.4% in December, 2014. Its cumulative index during April to December, 2014-15 increased by 1.6% over the corresponding period of previous year.

Besides, the output for Fertilizer production, with a weight of 1.25% in the overall index declined by 1.6% in December, 2014. Its cumulative index during April to December, 2014-15 declined by 1.4% over the corresponding period of previous year. Additionally, the production of crude oil, which weighs 5.22% declined by 1.4% in December, 2014 over December, 2013. The cumulative index of crude oil during April to December, 2014-15 declined by 0.9% over the corresponding period of previous year.

Moreover, production of Natural Gas production (weight: 1.71%) declined by 3.5% in December, 2014. Its cumulative index during April to December, 2014-15 declined by 5.1% over the corresponding period of previous year.

On the flip side, the index of Coal production, with weightage of 4.38% increased by 7.5% in December, 2014 over December, 2013. Its cumulative index during April to December, 2014-15 increased by 9.1% over corresponding period of previous year.

Meanwhile, Petroleum Refinery production weight: 5.94% increased by 6.1% in December, 2014. Its cumulative index during April to December, 2014-15 increased by 0.2% over the corresponding period of previous year. Notably, significant growth in electricity generation, which occupies the maximum 10.37% weightage in the overall index, was witnessed. The index grew by 3.7% in December 2014 and registered a cumulative growth of 9.7% during April to December, 2014-15 over the corresponding period of previous year.

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