Core sector output increased by 5.4% in November, shows government data
The growth was driven by an increase in the production of cement, coal, electricity, steel and fertilisers.
The output of India’s eight core industries increased by 5.4% in November 2022 as compared to the same month last year, government data showed on Friday.
The growth was driven by an increase in the production of cement, coal, electricity, steel and fertilisers in November 2022 in comparison to the same month last year. However, crude oil, natural gas and refinery products recorded negative growth.
Meanwhile, the growth of the eight infrastructure sectors was provisionally recorded at 8% from April to November as compared to the same time frame last year. The eight sectors had recorded growth of 13.9% for the period from April to November 2021 as against the same period in 2020.
Data from the Union Ministry of Commerce and Industry showed that the production of coal increased by 12.3%, fertiliser by 6.4%, steel by 10.8%, cement by 28.6% and electricity by 12.1% in November.
Meanwhile, crude oil production declined by 1.1%, natural gas by 0.7% and petroleum refinery products by 9.3% in November.
Research agency India Ratings Agency and Research said that the recovery in industrial growth is not broad-based as three sectors – refinery products, crude oil and natural gas – continued to pull down the figures in November, PTI reported.
“Nevertheless, the pick-up in the year-on-year growth of eight-core sectors in November 2022 would provide succour to the industrial output growth,” it said.
Meanwhile, the commerce ministry revised the final growth rate of the core sector in August from the provisional level of 3.3% to 4.2%.