Core sector growth slows to 6.6% in July 2018

03 Sep 2018 Evaluate

India’s core sector output grew at a slower pace of 6.6% in July 2018, from 7.6% in June 2018, on the back of sharp decline in crude oil and natural gas production. However, on a year-on-year basis, July’s growth was higher than the rise of 2.9 percent reported for the same period last year. According to data released by the ministry of Commerce and Industry, the combined Index of eight core industries stood at 128.4 in July, 2018, which was 6.6% higher compared to the index of July, 2017. Its cumulative growth during April to June, 2018-19 was 5.8%. 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 9.7% in July, 2018 over July, 2017, and its cumulative index increased by 12.3% during April to July, 2018-19 over corresponding period of the previous year. Petroleum Refinery production having 28.04% weight increased 12.3% in July, 2018 over July, 2017 and its cumulative index surged by 8.0% during April to July, 2018-19 over the corresponding period of previous year.

The Natural Gas production having 6.88% weight declined by 5.2% in July, 2018 over July, 2017, and its cumulative index was down by 1.1% during April to July, 2018-19 over the corresponding period of previous year. On the flip side, Steel production having 17.92% weight jumped by 6.0% in July, 2018 over July, 2017 and its cumulative index increased by 3.2% during April to July, 2018-19 over the corresponding period of previous year.

Fertilizer production having 2.63% weight increased by 1.3% in July, 2018 over July, 2017, and its cumulative index rose by 3.7% during April to July, 2018-19 over the corresponding period of previous year. Cement production having 5.37% weight jumped 10.8% in July, 2018 over July, 2017 and its cumulative index increased by 14.7% during April to July, 2018-19 over the corresponding period of previous year. On the other hand, Crude Oil production having 8.98% weight declined by 5.4% in July, 2018 over July, 2017 and its cumulative index fell by 3.2% during April to July, 2018-19 over the corresponding period of previous year.

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