Output of eight core industries records almost flat growth rate of 6% in February 2023

03 Apr 2023 Evaluate

The output of eight core industries recorded an almost flat growth rate of 6 percent in February 2023 as against 5.9 percent in the same month last year. The growth in February is lowest in the last three months. The output of core sectors had increased by 8.9 percent in January 2023 and 7 percent in December 2022. It was 5.7 percent in November 2022. Barring crude oil, all the segments posted an increase in production. 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).

Coal production, having 10.33 per cent weight increased by 8.5 per cent in February, 2023 over February, 2022 and its cumulative index increased by 15.2 per cent during April to February 2022-23 over corresponding period of the previous year. Natural Gas production, having 6.88 per cent weight increased by 3.2 per cent in February, 2023 over February, 2022 and its cumulative index increased by 1.5 per cent during April to February, 2022-23 over the corresponding period of previous year.

Petroleum Refinery production, having 28.04 per cent weight increased by 3.3 per cent in February, 2023 over February, 2022 and its cumulative index increased by 5.2 per cent during April to February, 2022-23 over the corresponding period of previous year. Fertilizers production, having 2.63 per cent weight increased by 22.2 per cent in February, 2023 over February, 2022 and its cumulative index increased by 11.5 per cent during April to February, 2022-23 over the corresponding period of previous year. Steel production, having 17.92 per cent weight increased by 6.9 per cent in February, 2023 over February, 2022 and its cumulative index increased by 7.5 per cent during April to February, 2022-23 over the corresponding period of previous year.

Cement production, having 5.37 per cent weight increased by 7.3 per cent in February, 2023 over February, 2022 and its cumulative index increased by 9.7 per cent during April to February, 2022-23 over the corresponding period of previous year. Electricity generation, having 19.85 per cent weight increased by 7.6 per cent in February, 2023 over February, 2022 and its cumulative index increased by 9.9 per cent during April to February, 2022-23 over the corresponding period of previous year. However, crude oil production, having 8.98 per cent weight declined by 4.9 per cent in February, 2023 over February, 2022 and its cumulative index declined by 1.6 per cent during April to February, 2022-23 over the corresponding period of previous year.

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