edited by: Mohammad Haris
Last Update: December 30, 2022, 5:46 pm IST
In October 2022, the output growth of core sectors stood at 0.9 per cent.
The output growth of eight infrastructure sectors stood at 8 per cent during April-October this fiscal, as against 13.9 per cent a year ago.
According to official data released on Friday, the rate of growth in output of eight core sectors accelerated to 5.4 per cent in November from 3.2 per cent in the same month last year. In October 2022, the output growth of core sectors stood at 0.9 per cent.
The output growth of eight infrastructure sectors – coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity – stood at 8.0 per cent during April-October in the current fiscal, as against 13.9 per cent a year ago.
“The final growth rate of the index of eight core industries for August 2022 has been revised upwards to 4.2 per cent from the provisional level of 3.3 per cent. The cumulative growth rate of ICI during April-November 2022 over the corresponding period of the previous year was 8 per cent (provisional), the commerce and industry ministry said in a statement.
However, crude oil, natural gas and refinery products registered negative growth in November this year. Compared to a year ago, the production of coal has increased by 12.3 percent, fertilizer by 6.4 percent, steel by 10.8 percent, cement by 28.6 percent and electricity by 12.1 percent in November 2022.
ICRA Chief Economist Aditi Nayar said, “With fewer holidays relative to November 2021, core sector output growth improved marginally from 0.9 per cent in October 2022 to 5.4 per cent in November 2022 as the base effect reversed. Four sectors, The individual trends were highly diverse, with reports of double-digit expansion in coal, power, cement and steel and an unpleasant contraction in three sectors (crude oil, natural gas and refinery products).
He said that while the IIP would show a recovery in growth of 3-4 per cent in November 2022 from the previous month’s contraction, its performance could lag that of core industries given the drag imposed by weaker exports.
Core sector industries, which have a weight of 40.27 per cent in the overall Index of Industrial Production (IIP), will also have an impact on the industrial production data.
The IIP data for November is expected to be released by the government in the second week of January 2023.
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