Page 3 - Core Sector News Today

The July data suggest that government capex is still doing most of the heavy lifting while domestic consumption and exports are sulking, but direct tax collections are good, indicating some quarters are making money

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

India Business News: Growth of eight key infrastructure sectors slowed down to 8.2 per cent in June 2023 compared to the year-ago month due to a decline in the production

Indias Index of Industrial Production (IIP) rose by 5.2% YoY in May 2023 inclusive of growth in manufacturing, power generation, and mining sectors. Manufacturing output surged 5.7% YoY while power generation grew by 0.9% YoY as against a decline in April. Mining output rose 6.4% compared to 5.1% in the previous month, but witnessed a decline of 11.2% in the year-ago period.

The index of eight core industries (ICI) measures combined and individual performance of production of core industries viz. coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity. They comprise 40.27 percent of the weight of items included in the Index of Industrial Production (IIP).

According to the data for March 2023, coal production recorded an increase of 12.2 per cent, fertilisers 9.7 per cent, steel 8.8 per cent, natural gas 2.8 per cent and refinery products 1.5 per cent.

According to official statistics issued on Friday, March saw a 3.6% rise in Indias core sector output on an annual basis as compared to 6 per cent recorded in the month of February.

Core sector industrial production slows to 6% in February

Poor show by core sectors will also impact industrial production data for the month.

The core sector industries grew at 7.8% compared with 4% in Jan 2022.