Core sector growth slows to 4.8% in October 2018

03 Dec 2018 Evaluate

India’s core sector output grew at a slower pace of 4.8% in October 2018, as compared to 5% in October 2017, due to contraction in the production of crude oil, natural gas and fertilizer. According to data released by the ministry of Commerce and Industry, the combined Index of eight core industries stood at 134.8 in October, 2018, which was 4.8% higher compared to the index of October, 2017. Its cumulative growth during April to October, 2018-19 was 5.4%. 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 10.6% in October, 2018 over October, 2017, and its cumulative index increased by 9.8% during April to October, 2018-19 over corresponding period of the previous year. Petroleum Refinery production having 28.04% weight increased 1.3% in October, 2018 over October, 2017 and its cumulative index surged by 5.8% during April to October, 2018-19 over the corresponding period of previous year.

The Natural Gas production having 6.88% weight declined by 0.9% in October, 2018 over October, 2017, and its cumulative index was down by 0.8% during April to October, 2018-19 over the corresponding period of previous year. On the flip side, Steel production having 17.92% weight jumped by 2.2% in October, 2018 over October, 2017 and its cumulative index increased by 3.3% during April to October, 2018-19 over the corresponding period of previous year.

Fertilizer production having 2.63% weight declined by 11.5% in October, 2018 over October, 2017, and its cumulative index was down by 0.3% during April to October, 2018-19 over the corresponding period of previous year. Cement production having 5.37% weight jumped 18.4% in October, 2018 over October, 2017 and its cumulative index increased by 15.0% during April to October, 2018-19 over the corresponding period of previous year. On the other hand, Crude Oil production having 8.98% weight declined by 5.0% in October, 2018 over October, 2017 and its cumulative index fell by 3.6% during April to October, 2018-19 over the corresponding period of previous year.

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