Core Sector Growth In January At 4-Month High Of 7.8 Per Cent: Govt Data

The output of core sectors had increased by 4 per cent in January 2022 and by 7 per cent in December 2022. Barring crude oil, all the eight segments posted an increase in production

Production of eight core sector growth expanded at a four-month high of 7.8 per cent in January, which is up from a 7 per cent growth recorded in December, according to the data released by the government on Tuesday.

The production of fertilizers, coal, electricity, steel, natural gas, cement, and refinery products increased in January 2023 over the corresponding month of last year. The eight core industries comprise 40.27 per cent of the weight of items included in the Index of Industrial Production (IIP).

The output of core sectors had increased by 4 per cent in January 2022 and by 7 per cent in December 2022. Barring crude oil, all the eight segments posted an increase in production. The cumulative growth rate of ICI during April-January 2022-23 was 7.9 per cent (provisional) as compared to the corresponding period of last year.

Here’s a summary of index of eight core industries.

Coal - Coal production (weight: 10.33 per cent) increased by 13.4 per cent in January, 2023 over January, 2022. Its cumulative index increased by 16.1 per cent during April to January 2022-23 over corresponding period of the previous year.

Crude Oil - Crude Oil production (weight: 8.98 per cent) declined by 1.1 per cent in January, 2023 over January, 2022. Its cumulative index declined by 1.3 per cent during April to January, 2022-23 over the corresponding period of previous year.

Natural Gas - Natural Gas production (weight: 6.88 per cent) increased by 5.3 per cent in January, 2023 over January, 2022. Its cumulative index increased by 1.4 per cent during April to January, 2022-23 over the corresponding period of previous year.

Petroleum Refinery Products - Petroleum Refinery production (weight: 28.04 per cent) increased by 4.5 per cent in January, 2023 over January, 2022. Its cumulative index increased by 5.4 per cent during April to January, 2022-23 over the corresponding period of previous year.

Fertilizers - Fertilizers production (weight: 2.63 per cent) increased by 17.9 per cent in January, 2023 over January, 2022. Its cumulative index increased by 10.5 per cent during April to January, 2022-23 over the corresponding period of previous year.

Steel - Steel production (weight: 17.92 per cent) increased by 6.2 per cent in January, 2023 over January, 2022. Its cumulative index increased by 7.1 per cent during April to January, 2022-23 over the corresponding period of previous year.

Cement - Cement production (weight: 5.37 per cent) increased by 4.6 per cent in January, 2023 over January, 2022. Its cumulative index increased by 10.0 per cent during April to January, 2022-23 over the corresponding period of previous year.

Electricity - Electricity generation (weight: 19.85 per cent) increased by 12.0 per cent in January, 2023 over January, 2022. Its cumulative index increased by 10.1 per cent during April to January, 2022-23 over the corresponding period of previous year.