Growth in eight core sectors surge to 2.9 per cent in January

01 Mar 2016 Evaluate

Bringing some cheers for policy makers, the core sectors in the country once again locked themselves into a faster growth trajectory jumped to a three-month high to 2.9% in January 2016 as compared to 0.9% in December 2015, on a back of sharp pick-up in coal, cement and electricity generation. The eight industries - crude oil, petroleum refinery products, natural gas, fertilisers, coal, electricity, cement and finished steel have a weight of 38% in the overall Index of Industrial Production (IIP) had grown at 2.3% in the same month of last year.

According to that data released by the ministry of Commerce and Industry showed the combined Index of eight core industries stood at 180.7 in January, 2016, which was 2.9% higher compared to the index of January, 2015. Its cumulative growth during April to January, 2015-16 was 2.0%, lower than 5.3 per cent in the 10 months of the previous financial year.

Among eight core sectors, the coal sector having 4.38% weight in IIP index showed an uptick move by 9.1% in January, 2016 over January, 2015. Its cumulative index during April to January, 2015-16 increased by 5.1% over corresponding period of previous year. Cement production having weight 2.41% increased by 9.0% in January, 2016 over January, 2015. Its cumulative index during April to January, 2015-16 increased by 3.0% over the corresponding period of previous year. Electricity generation, having 10.32% weight increased by 6.0% in January, 2016 over January, 2015. Its cumulative index during April to January, 2015-16 increased by 4.2% over the corresponding period of previous year. Petroleum Refinery having weight of 5.94% increased by 4.8% in January, 2016 over January, 2015. Its cumulative index during April to January, 2015-16 increased by 2.7% over the corresponding period of previous year. Fertilizer having weightage of 1.25% increased by 6.2% in January, 2016 over January, 2015. Its cumulative index during April to January, 2015-16 increased by 9.7% over the corresponding period of previous year.

On the flip side, Crude Oil having weight 5.22% decreased by 4.6% in January, 2016 over January, 2015. Its cumulative index during April to January, 2015-16 decreased by 1.2% over the corresponding period of previous year. Natural Gas production having weight 1.71% declined by 15.3% in January, 2016 over January, 2015. Its cumulative index during April to January, 2015-16 declined by 4.0% over the corresponding period of previous year. Steel production having weight 6.68% declined by 2.8 % in January, 2016 over January, 2015. Its cumulative index during April to January, 2015-16 declined by 2.0% over the corresponding period of previous year.

Growth in eight core industries rose to three-month high in January indicating a gradual recovery in the infrastructure sector that hold the key to revival of the economy. The performance by the core sector is likely to get reflected in the IIP numbers due on March 12.

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