Output of eight core industries grows by 3.6% in March 2023

02 May 2023 Evaluate

The output of eight core industries grew by 3.6 percent in March 2023, the slowest in the last five months. In the year-ago period, the core sectors had grown by 4.3 percent. The growth rate in March has halved as compared to the preceding month of February 2023, when it stood at 7.2 percent. The plunge in March was driven by a decline in the output of three key sectors - cement, electricity and crude oil. 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 12.2 per cent in March, 2023 over March, 2022 and its cumulative index increased by 14.8 per cent during 2022-23 over corresponding period of the previous year. Natural Gas production, having 6.88 per cent weight increased by 2.8 per cent in March, 2023 over March, 2022 and its cumulative index increased by 1.6 per cent during 2022-23 over the corresponding period of previous year.

Petroleum Refinery production, having 28.04 per cent weight increased by 1.5 per cent in March, 2023 over March, 2022 and its cumulative index increased by 4.8 per cent during 2022-23 over the corresponding period of previous year. Fertilizers production, having 2.63 per cent weight increased by 9.7 per cent in March, 2023 over March, 2022 and its cumulative index increased by 11.3 per cent during 2022-23 over the corresponding period of previous year. Steel production, having 17.92 per cent weight increased by 8.8 per cent in March, 2023 over March, 2022 and its cumulative index increased by 8.6 per cent during 2022-23 over the corresponding period of previous year.

Crude Oil production, having 8.98 per cent weight declined by 2.8 per cent in March, 2023 over March, 2022 and its cumulative index declined by 1.7 per cent during 2022-23 over the corresponding period of previous year. Cement production, having 5.37 per cent weight declined by 0.8 per cent in March, 2023 over March, 2022, while its cumulative index increased by 8.6 per cent during 2022-23 over the corresponding period of previous year. Electricity generation, having 19.85 per cent weight declined by 1.8 per cent in March, 2023 over March, 2022, while its cumulative index increased by 8.9 per cent during 2022-23 over the corresponding period of previous year.

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