Core sector growth hits 6-month high of 5.2% in September

01 Nov 2017 Evaluate

Growth in eight core sectors - coal, crude oil, natural gas, refinery products, fertilizer, steel, cement and electricity, which comprise nearly 40% of the weight of items included in the Index of Industrial Production (IIP), expanded at a faster pace to a six-month high of 5.2% in September 2017, from 4.9% in August. This was highest growth rate since April and the growth was due to robust performance of coal, petroleum refinery and natural gas segments. All the other sectors recorded positive growth, barring Fertilizer sector. According to that data released by the ministry of Commerce and Industry showed the combined Index of eight core industries stood at 122.5 in September, 2017, which was 5.2% higher as compared to the index of September, 2016 and its cumulative growth during April-September, 2017-18 was 3.3%.

Among eight core sectors, Coal production having 10.33% weight surged 10.6% in September, 2017 over September, 2016 and its cumulative index increased by 1.5% during April to September, 2017-18 over corresponding period of the previous year. Petroleum Refinery production having 28.04% weight jumped 8.1% in September, 2017 over September, 2016 and its cumulative index increased by 2.1% during April to September, 2017-18 over the corresponding period of previous year. Electricity generation having 19.85% weight spurted 5.2% in September, 2017 over September, 2016 and its cumulative index increased by 6.0% during April to September, 2017-18 over the corresponding period of previous year.

The Natural Gas production having 6.88% weight advanced 6.3% in September, 2017 over September, 2016 and its cumulative index increased by 5.0% during April to September, 2017-18 over the corresponding period of previous year. Steel production having 17.92% weight rose 3.7% in September, 2017 over September, 2016 and its cumulative index increased by 5.5% during April to September, 2017-18 over the corresponding period of previous year.

Crude Oil production having 8.98% weight inched up by 0.1% in September, 2017 over September, 2016, while its cumulative index declined by 0.2% during April to September, 2017-18 over the corresponding period of previous year. Cement production having 5.37% weight was up by 0.1% in September, 2017 over September, 2016, while its cumulative index was down by 1.9% during April to September, 2017-18 over the corresponding period of previous year. On the other hand, Fertilizer production having 2.63% weight dropped 7.7% in September, 2017 over September, 2016 and its cumulative index slipped 2.1% during April to September, 2017-18 over the corresponding period of previous year.

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