new Delhi: India’s core sector grew at 5.8 per cent in February, according to data released by the Ministry of Commerce and Industry on Thursday.
Output from eight infrastructure sectors increased in February as against a contraction of 3.3 per cent in the same month last year on the outperformance of coal, natural gas, refinery products and cement industries, showed a release by ANI.
Eight core industries grew 5.8% versus 4.0% month-on-month in February 2022: Ministry of Commerce and Industry pic.twitter.com/vBIKzI7iAT
— ANI (@ANI) 31 March 2022
The Index of Eight Core Industries measures the output of eight infrastructure industries – coal, crude, natural gas, refinery products, fertilizers, cement, steel and electricity.
According to the data, there has been a decline in the production of crude oil and fertilizers in February this year.
In January, core sector industries grew by 4 per cent.
Eight infrastructure sectors – coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity – grew at 11 per cent during April-February in the current fiscal, as against a negative growth rate of 8.1 per cent in this fiscal. . same period of the previous financial year.
Coal production grew by 6.6 per cent, natural gas by 12.5 per cent, refinery products by 8.8 per cent and cement by 5 per cent in February, according to the data.
According to news reports, crude oil production saw a decline of 2.2 percent compared to the same period last fiscal amid the ongoing war between Russia and Ukraine and a jump in crude oil prices. The cumulative index of crude oil production during the April-February period for FY22 also fell by 2.6 per cent.
The core sector accounts for 40 per cent of the Index of Industrial Production (IIP), thus a leading indicator of industrial activity.