Core sector growth hits 8-month low of 4.2% in August

03 Oct 2018 Evaluate

India’s core sector output grew at a slower pace of 4.2% in August 2018, from 7.3% in July 2018, as output of coal, refinery products and fertilisers moderated. According to data released by the ministry of Commerce and Industry, the combined Index of eight core industries stood at 128.1 in August, 2018, which was 4.2% higher compared to the index of August, 2017. Its cumulative growth during April to August, 2018-19 was 5.5%. 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 2.4 % in August, 2018 over August, 2017, and its cumulative index increased by 10.3% during April to August, 2018-19 over corresponding period of the previous year. Petroleum Refinery production having 28.04% weight increased 5.1% in August, 2018 over August, 2017 and its cumulative index surged by 7.4% during April to August, 2018-19 over the corresponding period of previous year.

The Natural Gas production having 6.88% weight rose by 1.1% in August, 2018 over August, 2017, while its cumulative index was down by 0.6% during April to August, 2018-19 over the corresponding period of previous year. On the flip side, Steel production having 17.92% weight jumped by 3.9% in August, 2018 over August, 2017 and its cumulative index increased by 3.4% during April to August, 2018-19 over the corresponding period of previous year.

Fertilizer production having 2.63% weight declined by 5.3% in August, 2018 over August, 2017, while its cumulative index rose by 1.7% during April to August, 2018-19 over the corresponding period of previous year. Cement production having 5.37% weight jumped 14.3% in August, 2018 over August, 2017 and its cumulative index increased by 14.7% during April to August, 2018-19 over the corresponding period of previous year. On the other hand, Crude Oil production having 8.98% weight declined by 3.7% in August, 2018 over August, 2017 and its cumulative index fell by 3.3% during April to August, 2018-19 over the corresponding period of previous year.

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