Core sector growth accelerates to 6.6% in October

01 Dec 2016 Evaluate

The growth in eight core sectors -- coal, crude oil, natural gas, refinery products, fertiliser, steel, cement and electricity, which comprise nearly 38% of the weight of items included in the Index of Industrial Production (IIP), accelerated to 6.6% in October 2016 compared to 3.2% in the corresponding month last year on the back of robust refinery and steel output. However, Coal, crude oil and natural gas output declined during the month, while fertilisers and electricity production grew at a relatively low rate.

As per the data of Ministry of Commerce & Industry, the combined Index of Eight Core Industries stood at 188.1 in October, 2016, 6.6% higher compared to the index of October, 2015. Its cumulative growth during April to October, 2016-17 was 4.9%. Among eight core sectors, the Refinery Products having 5.94% weight showed an uptick move by increasing production 15.1% in October, 2016 over October, 2015. Its cumulative index during April to October, 2016-17 increased by 8.9% over the corresponding period of previous year. Steel having 6.68% weight surged 16.9% in October, 2016 over October, 2015. Its cumulative index during April to October, 2016-17 increased by 8.5% over the corresponding period of previous year.

Cement having 2.41% weight jumped 6.2% in October, 2016 over October, 2015. Its cumulative index during April to October, 2016-17 increased by 4.8% over the corresponding period of previous year. Electricity having 10.32% weight rose 2.8% in October, 2016 over October, 2015. Its cumulative index during April to October, 2016-17 increased by 4.7% over the corresponding period of previous year. Fertilizer having 1.25% weight increased 0.8% in October, 2016 over October, 2015. Its cumulative index during April to October, 2016-17 increased by 4.8% over the corresponding period of previous year.

On other hand, Crude Oil having 5.22% weight dropped 3.2% in October, 2016 over October, 2015. Its cumulative index during April to October, 2016-17 declined by 3.3% over the corresponding period of previous year. Natural Gas having 1.71% weight slipped 1.4% in October, 2016 over October, 2015. Its cumulative index during April to October, 2016-17 declined by 4.0% over the corresponding period of previous year. Coal having 4.38% weight declined by 1.6% in October, 2016 over October, 2015, while its cumulative index during April to October, 2016-17 increased by 0.7% over corresponding period of previous year.

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