eight infrastructure sector It grew by 18.1 percent (provisional) in May as compared to the year-ago month. In the previous month of April 2022, the output of eight infrastructure sectors – coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity – had grown by 8.4 per cent.
High growth in core sector production was led by the cement, coal, fertilizer and power industries. “The output of cement, coal, fertilizer and power industries registered higher growth in May 2022 as compared to the same period last year. Coal industries grew by 25.1 percent and fertilizer industries by 22.8 percent. While the cement industry grew by 26.3 per cent, the power sector grew by 22 per cent,” the ministry of commerce and industry said in a statement.
It said the combined index of eight core industries rose by 18.1 per cent (provisional) in May 2022 as compared to the index for May 2021. The index was 148.1 in May 2022.
The Department for Promotion of Industry and Internal Trade on Friday released the Index of Eight Core Industries (ICIs) for the month of May 2022. ICI measures the combined and individual performance of production in selected eight core industries. Coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity. The eight core industries comprise 40.27 per cent of the weight of the items included in the Index of Industrial Production (IIP).
The final growth rate of the Index of Eight Core Industries for February 2022 has been revised to 5.9 per cent from its provisional level of 5.8 per cent. The growth rate of ICI during April-May 2022-23 over the corresponding period of the previous financial year was 13.6 per cent (provisional).
Besides coal, fertilisers, cement and power, other sectors also saw positive growth.
Crude oil production in May 2022 increased by 4.6 percent as compared to May 2021. Its cumulative index increased by 1.8 percent during April-May 2022 over the corresponding period of the previous year.
Natural gas production in May 2022 increased by 7 percent compared to May 2021. Its cumulative index grew by 6.7 per cent during April-May 2022 as compared to the corresponding period of the previous year.
Petroleum refinery production also increased by 16.7 percent in May 2021 as compared to May 2021. Its cumulative index increased by 12.8 percent in 2022 over the corresponding period of the previous year during April-May.
Steel production witnessed a growth of 15 per cent in May 2022 as compared to May 2021. Its cumulative index increased by 8.4 per cent during April-May 2022 over the corresponding period of the previous year.
By weight in the composite index, petroleum refinery products have a weightage of 28.04 per cent, followed by electricity (19.85 per cent), steel (17.92 per cent), coal (10.33 per cent), crude oil (8.98 per cent). Natural gas (6.88 percent), cement (5.37 percent) and fertilizers (2.63 percent).
Meanwhile, India’s fiscal deficit According to official data, Rs 2,03,921 crore, or 12.3 per cent of the target for the entire current fiscal, was hit during April-May, mainly due to higher expenditure. Total receipts stood at Rs 3.81 lakh crore or 16.7 per cent of FY23 BE at the end of May, while total expenditure was Rs 5.85 lakh crore or 14.8 per cent of this year’s BE.
read all breaking news , today’s fresh news watch top videos And live TV Here.