Core sector growth slows to 3.2% in July

01 Sep 2016 Evaluate

India’s eight core sector growth slowed to 3.2% in July, 2016, as compared to 5.2% in June, 2016, due to monsoon that hit output in sectors such as cement. However, it was higher as compared to the Index of July, 2015, mainly because of improvement in performance of energy sector, especially refinery output. The Eight Core Industries comprising nearly 38% of the weight of items included in the Index of Industrial Production (IIP) showed a cumulative growth of 4.9% during April to July, 2016-17.

As per the data of Ministry of Commerce & Industry, the combined Index of Eight Core Industries stood at 173.7 in July, 2016, 3.2 per cent higher compared to the index of July, 2015. Among the eight sectors that make up the core sector, Petroleum Refinery production having weight of 5.94%, increased by 13.7% in July, 2016 over July, 2015. Its cumulative index during April to July, 2016-17 increased by 8.7 % over the corresponding period of previous year. Coal production having weight of 4.38% increased by 5.1% in July, 2016 over July, 2015. Its cumulative index during April to July, 2016-17 increased by 5.3% over corresponding period of previous year. The Natural Gas production having weight of 1.71%, increased by 3.3% in July, 2016 over July, 2015, while its cumulative index during April to July, 2016-17 declined by 3.8 % over the corresponding period of previous year. Fertilizer production having weight of 1.25% increased by 2.5% in July, 2016 over July, 2015. Its cumulative index during April to July, 2016-17 increased by 8.6 % over the corresponding period of previous year. Electricity having weight of 10.32% increased by 1.6% in July, 2016 over July, 2015. Its cumulative index during April to July, 2016-17 increased by 7.1% over the corresponding period of previous year. Cement production having weight of 2.4% increased by 1.4% in July, 2016 over July, 2015. Its cumulative index during April to July, 2016-17 increased by 4.6% over the corresponding period of previous year.

On other hand, Crude Oil production having weight of 5.22% decreased by 1.8% in July, 2016 over July, 2015. Its cumulative index during April to July, 2016-17 decreased by 2.9% over the corresponding period of previous year. Steel production having weight of 6.68% decreased by 0.5% in July, 2016 over July, 2015, while its cumulative index during April to July, 2016-17 increased by 2.8% over the corresponding period of previous year.

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