India's eight core industries’ growth slows to 9-month low of 3.3% in August

03 Oct 2022 Evaluate

The output of eight core industries grew 3.3 per cent in August 2022 -- the lowest in nine months -- as against 12.2 per cent in the year-ago period. The previous low was in November 2021 at 3.2 per cent. It stood at 4.5 per cent in July 2022. The Eight Core Industries - coal, crude oil, natural gas, refinery products, fertilizers, steel, cement and electricity - comprise 40.27 percent of the weight of items included in the Index of Industrial Production (IIP). The production growth of eight infrastructure sectors was 9.8 per cent during April-August this fiscal, compared to 19.4 per cent a year ago.

Coal production having 10.33 per cent weight increased by 7.6 per cent in August, 2022 over August, 2021. Its cumulative index increased by 22.7 per cent during April to August, 2022-23 over corresponding period of the previous year. Petroleum Refinery Products–Petroleum Refinery production having 28.04 per cent weight increased by 7.0 per cent in August, 2022 over August, 2021. Its cumulative index increased by 10.8 per cent during April to August, 2022-23 over the corresponding period of previous year. Fertilizers production having 2.63 per cent weight increased by 11.9 per cent in August, 2022 over August, 2021. Its cumulative index increased by 11.4 per cent during April to August, 2022-23 over the corresponding period of previous year.

Steel production having 17.92 per cent weight increased by 2.2 per cent in August, 2022 over August, 2021. Its cumulative index increased by 5.8 per cent during April to August, 2022-23 over the corresponding period of previous year. Cement production having 5.37 per cent weight increased by 1.8 per cent in August, 2022 over August, 2021. Its cumulative index increased by 10.6 per cent during April to August, 2022-23 over the corresponding period of previous year. Electricity generation having 19.85 per cent weight increased by 0.9 per cent in August, 2022 over August, 2021. Its cumulative index increased by 10.5 per cent during April to August, 2022-23 over the corresponding period of previous year.

However, Crude Oil production having 8.98 per cent weight declined by 3.3 per cent in August, 2022 over August, 2021. Its cumulative index declined by 1.1 per cent during April to August, 2022-23 over the corresponding period of previous year. Natural Gas production having 6.88 per cent weight declined by 0.9 per cent in August, 2022 over August, 2021. Its cumulative index increased by 2.6 per cent during April to August, 2022-23 over the corresponding period of previous year.

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