India's core sector growth slows to 6.1%, down from 8.5%
India's core sector has experienced a growth of 6.1% in July, according to government data. This figure represents a decrease from the previous year's growth rate of 8.5% during the same period. The sectors that contributed to this growth include steel, coal, electricity, refinery products, cement, and fertilizers. However, there was a decline in crude oil and natural gas production during this period.
Cumulative growth from April to July
The cumulative growth of India's core sector from April to July 2024, was also recorded at 6.1% compared to the same period last year. The final growth rate for the Index of Eight Core Industries (ICI) in April 2024, was reported at 6.9%. These figures provide a comprehensive view of the performance across key industries during these four months.
Take a look at the sectors witnessing growth in July
In July, the cement industry saw a growth of 5.5%, while the coal sector's output increased by 6.8%. The electricity sector experienced a significant increase with a 7.0% growth rate. Fertilizer production also saw an uptick, with a rise of 5.3% on an annual basis. Steel production witnessed a robust increase of 7.2%, while petroleum refinery production rose by 6.6%. They collectively account for over 40% of the weightage in India's Index of Industrial Production (IIP).
Crude oil and natural gas sectors face decline
Amid the overall growth in India's core sector, some industries faced a downturn. The crude oil sector saw a decline of 2.9% in July, while the natural gas segment experienced a decrease with a drop of 1.3%. These figures contrast with the positive growth seen in other core industries during this period.
