Core Sector Data News Today

The eight core industries – coal, crude oil, natural gas, refinery products, fertilisers, steel, cement, and electricity – make up around 40 percent of the IIP

The core sector comprising coal, crude oil, steel, cement, electricity, fertilisers, refinery products and natural gas, had grown 7.4% in February 2023. Except fertiliser, the output of all other industries rose in February, according to data released by the commerce and industry ministry.

In January 2024, Indias eight core sectors experienced a 15-month low growth of 3.6%, compared to 4.9% in December 2023 and 9.7% in January 2023. Positive growth was observed in coal, steel, cement, natural gas, electricity, and crude oil production. However, steel and electricity sectors showed a decline in growth rates.

Traders will be eyeing India's fiscal deficit data, which is slated to be released on February 29. On the same day, Gross Domestic Product (GDP) data and core sector data are going to be released.

Coal saw a growth of 10.6 per cent while natural gas rose 6.6 per cent in December. Refinery products saw an increase of 2.6 per cent in December, down from 12.4 per cent growth witnessed in November.

The slow growth in eight core industries—coal, natural gas, petroleum refining, crude, electricity, cement, and steel—is likely to reflect in industrial output as well. The eight core industries account for 40% of the index of industrial production.

Economists say that the strength in the index of eight core industries, which constitutes 40% of the index of industrial production, is likely to translate into stellar IIP growth in August.

The output of Indias eight core sectors grew by 8 per cent in July after hitting a five-month high of 8.3 per cent in June. The eight core industries comprise 40.27 per cent of the weight of items included in the Index of Industrial Production (IIP).

The output of Indias eight core sectors grew 8.2 per cent in June on an annual basis, as against 5 per cent in May, a government press release stated on Monday. The cumulative growth rate of ICI during the quarter April to June in the ongoing financial year reported 5.8 per cent (provisional) as compared to the corresponding period of last year

The production of eight key sectors rose by 5.7 percent in November 2022.