Core sector growth hits 3-month low of 4.1% in March

02 May 2018 Evaluate

The growth of eight core infrastructure industries slowed to three-month low of 4.1% in March 2018, as compared to 5.3% in February 2018, on account of weak performance in as many as six sectors including coal, crude oil and natural gas. According to data released by the ministry of Commerce and Industry, the combined Index of eight core industries stood at 138.0 in March, 2018, which was 4.1% higher compared to the index of March, 2017. Its cumulative growth during April to March, 2017-18 was 4.2%. The Eight Core Industries - coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity - comprise 40.27% of the weight of items included in the Index of Industrial Production (IIP).

Among eight core sectors, Coal production having 10.33% weight rose 9.1% in March, 2018 over March, 2017, and its cumulative index increased by 2.5% during April to March, 2017-18 over corresponding period of the previous year. Petroleum Refinery production having 28.04% weight increased 1.0% in March, 2018 over March, 2017 and its cumulative index surged by 4.6% during April to March, 2017-18 over the corresponding period of previous year.

The Natural Gas production having 6.88% inched up by 1.3% in March, 2018 over March, 2017, and its cumulative index was up by 2.9% during April to March, 2017-18 over the corresponding period of previous year. Steel production having 17.92% weight rose 4.7% in March, 2018 over March, 2017 and its cumulative index jumped by 5.6% during April to March, 2017-18 over the corresponding period of previous year.

Crude Oil production having 8.98% weight declined by 1.6% in March, 2018 over March, 2017 and its cumulative index fell by 0.9% during April to March, 2017-18 over the corresponding period of previous year. Fertilizer production having 2.63% weight increased by 3.2% in March, 2018 over March, 2017, and its cumulative index rose 0.03% during April to March, 2017-18 over the corresponding period of previous year. On the other hand, Cement production having 5.37% weight jumped 13% in March, 2018 over March, 2017 and its cumulative index increased by 6.3% during April to March, 2017-18 over the corresponding period of previous year.

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