The output of India’s eight core sectors grew by 7.5% in October as compared to the same month last year, government data showed on Tuesday. The growth in these sectors was 4.5% in September.
Production in all the sectors except crude oil increased in October, as compared to the same month last year. Crude oil production declined by 2.2% as compared to October 2020. The highest growth in production was seen in the natural gas sector in which in which the output went up by 25.8%.
The production in fertilisers sector increased by 0.04%, while it grew by 0.09% in steel industry. Cement production increased by 14.5%. and electricity generation by 2.8%.
Fiscal deficit at Rs 5.47 lakh crore
Data released by the controller general of accounts on Tuesday showed that the Centre’s fiscal deficit was at the end of October was Rs 5,47,026 crore, or 36.3%, higher than the Budget estimate, reported PTI.
Fiscal deficit of a government is the gap between its expenditure and revenues.
“The deficit figures in the current fiscal appear better than the previous financial year when the gap between expenditure and revenue had soared to 119.7% of the last year’s Budget estimates mainly on account of a jump in expenditure to deal with the Covid-19 pandemic,” the controller general of accounts said in a statement.
The improvement was due to increase in revenue collection, the statement said.
The government expects the deficit to be Rs 15.06 lakh crore or 6.8% of the Gross Domestic Product, or GDP for the current fiscal year, according to PTI.
Meanwhile, India’s Gross Domestic Product grew by 8.4% during the second quarter (July-September) of the 2021-’22 financial year, government data showed. This is the fourth consecutive quarter that the growth rate has remained in positive territory last year’s slump due to the coronavirus-induced lockdown.