Core sector growth accelerates to 17 months high at 8.5% in April

01 Jun 2016 Evaluate

Extending the expansion mood for the fifth consecutive month, Core sector growth accelerated to the fastest in 17 months at 8.5% in April. This is the highest growth rate achieved since the 8.54 per cent growth recorded in November 2014, mainly due to a low base and better performance by petroleum refinery, fertiliser, steel, cement and electricity sectors. However, for the fiscal year ended March 31, 2016, the cumulative growth of the index of eight core industries or the core sector index was 2.7%, the slowest since 2011-12.

As per the data released by the commerce department, combined Index of Eight Core Industries comprising nearly 38% of the weight of items included in the Index of Industrial Production (IIP) stood at 176.4 in April, 2016, 8.5 % higher compared to the index of April, 2015.

Sector wise, Petroleum Refinery production having weight of 5.94% in the index,increased by 17.9 % in April, 2016 over April, 2015, its cumulative index during April to March, 2015-16 increased by 3.8 % over the corresponding period of previous year.

Fertilizer production having weight of 1.25%, increased by 7.8 % in April, 2016 over April, 2015, its cumulative index during April to March, 2015-16 increased by 11.3 % over the corresponding period of previous year.

Steel production (Alloy + Non-Alloy) having a weight of 6.68% increased by 6.1% in April, 2016 over April, 2015, though its cumulative index during April to March, 2015-16 declined by 1.4 % over the corresponding period of previous year.

Cement production having weight of 2.41%, increased by 4.4 % in April, 2016 over April, 2015, its cumulative index during April to March, 2015-16 increased by 4.7 % over the corresponding period of previous year.

Electricity generation having weight of 10.32%, increased by 14.7 % in April, 2016 over April, 2015, its cumulative index during April to March, 2015-16 increased by 5.2 % over the corresponding period of previous year.

On the other hand, Coal production having weight of 4.38 %, decreased by 0.9 % in April, 2016 over April, 2015, its cumulative index during April to March, 2015-16 increased by 4.6 % over corresponding period of previous year.

Crude Oil production having weight of 5.22%, decreased by 2.3% in April, 2016 over April, 2015, its cumulative index during April to March, 2015-16 decreased by 1.4 % over the corresponding period of previous year.

The Natural Gas production having weight of 1.71 %, decreased by 6.8 % in April, 2016 over April, 2015, its cumulative index during April to March, 2015-16 declined by 4.2% over the corresponding period of previous year.

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