In a positive surprise, the core industries, which include coal, natural gas, refinery products and crude oil, with a weight of about 38% in the Index of Industrial Production (IIP), grew at a year high of 8% in September against 3.7% growth in the previous month, on account of good performance by crude oil, steel and electricity sectors. However, the recorded growth was comparatively lower than the growth of 8.3% registered in September, 2012.
Out of eight industries, Electricity, which has weight of 10.32% in the index, grew by sharp 12.6% in September compared to 3.9% in September last year, Cement, registered growth of 11.5% against 13.3% in the same period last year. Meanwhile, growth in the Coal sector, stood at 12.5% during the reported month against 22.2% growth. On the flip side, contraction in output of natural gas continued this month as well and remained at 14.1% against contraction of 14.8% over September, 2012. Natural gas has been on contracting spree since December 2010. Petroleum refinery products slowed down to 8% in September over a high 34.9% growth in September 2012.
However, Crude oil output, after declining for five months, rose moderately by 0.6% in this month against contraction of 1.8% in same period last year. Additionally, Fertilizer production registered a growth of 5.3% in September,2013 over September, 2012, Steel production output too recorded a growth rate of 6.6% in the reporting month over September, 2012.
