Core sector growth hits 7-month high of 6.7% in June

01 Aug 2018 Evaluate

The growth of eight core infrastructure industries surged to seven-month high of 6.7% in June 2018, as compared to 3.6% in May 2018, aided by a robust performance in cement, refinery and coal segments. According to data released by the ministry of Commerce and Industry, the combined Index of eight core industries stood at 129.8 in June, 2018, which was 6.7% higher compared to the index of June, 2017. Its cumulative growth during April to June, 2018-19 was 5.2%. 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 11.5% in June, 2018 over June, 2017, and its cumulative index increased by 13.2% during April to June, 2018-19 over corresponding period of the previous year. Petroleum Refinery production having 28.04% weight increased 12.0% in June, 2018 over June, 2017 and its cumulative index surged by 6.6% during April to June, 2018-19 over the corresponding period of previous year.

The Natural Gas production having 6.88% weight declined by 2.7% in June, 2018 over June, 2017, while its cumulative index was up by 0.4% during April to June, 2018-19 over the corresponding period of previous year. On the flip side, Steel production having 17.92% weight jumped by 4.4% in June, 2018 over June, 2017 and its cumulative index increased by 2.9% during April to June, 2018-19 over the corresponding period of previous year.

Fertilizer production having 2.63% weight increased by 1.0% in June, 2018 over June, 2017, and its cumulative index rose by 4.5% during April to June, 2018-19 over the corresponding period of previous year. Cement production having 5.37% weight jumped 13.2% in June, 2018 over June, 2017 and its cumulative index increased by 14.2% during April to June, 2018-19 over the corresponding period of previous year. On the other hand, Crude Oil production having 8.98% weight declined by 3.4% in June, 2018 over June, 2017 and its cumulative index fell by 2.4% during April to June, 2018-19 over the corresponding period of previous year.

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