Output of eight core industries slows down to six-month low of 3.5% in April 2023

01 Jun 2023 Evaluate

The output of eight core industries slowed down to a six-month low of 3.5 per cent in April 2023 due to a decline in the output of crude oil, natural gas, refinery products and electricity. The core sector growth was 9.5 per cent in April 2022, while in March 2023, the key infra sectors recorded a growth rate of 3.6 per cent. The growth rate in April 2023 is the lowest since October 2022 when the sectors expanded by 0.7 per cent. 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 9.0 per cent in April, 2023 over April, 2022 and its cumulative index increased by 14.9 per cent during 2022-23 over corresponding period of the previous year. Fertilizers production, having 2.63 per cent weight increased by 23.5 per cent in April, 2023 over April, 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 12.1 per cent in April, 2023 over April, 2022 and its cumulative index increased by 8.9 per cent during 2022-23 over the corresponding period of previous year. Cement production, having 5.37 per cent weight increased by 11.6 per cent in April, 2023 over April, 2022 and its cumulative index increased by 8.7 per cent during 2022-23 over the corresponding period of previous year.

However, Crude Oil production, having 8.98 per cent weight declined by 3.5 per cent in April, 2023 over April, 2022 and its cumulative index declined by 1.7 per cent during 2022-23 over the corresponding period of previous year. Natural Gas production, having 6.88 per cent weight declined by 2.8 per cent in April, 2023 over April, 2022. 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 declined by 1.5 per cent in April, 2023 over April, 2022 and its cumulative index increased by 4.8 per cent during 2022-23 over the corresponding period of previous year.

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