Growth in eight core industries slows down to 0.1 per cent in October
India’s core sector growth slowed down to 0.1 per cent in October 2023 against 8.7 per cent in the same month last year, according to the official data released on Wednesday.
In September, the core sectors’ output growth stood at 7.8 per cent.
The production growth of eight infrastructure sectors, coal, crude oil, natural gas, refinery products, fertiliser, steel, cement and electricity, was 8.2 per cent during April-October this fiscal, compared to 15.6 per cent a year ago.
In October, crude oil, natural gas, refinery products, and cement output recorded a negative growth rate. The production of fertilisers, steel, coal and electricity generation, however, increased in October 2022 over the corresponding month of last year. Production in all the sectors was lower in FY23 as compared to FY22.
The final growth rate of the index of eight core industries for July 2022 was revised to 4.8 per cent from its provisional level of 4.5 per cent. The cumulative growth in the eight core industries till October in FY23 was 8.2 per cent (YoY). In the corresponding months in FY22, the cumulative growth stood at 15.6 per cent.
The highest fall was noted in the cement sector. Cement production declined by 4.3 per cent in October 2022 over October 2021. In FY22, it jumped 12.4 per cent in the corresponding period. Its cumulative index increased by 8.6 per cent from April to October over the corresponding period of the previous year.
(With agency inputs)