Core Sector Output In India Surges 18.1 Per Cent In May, Says Govt Data
The output of eight infrastructure sectors of coal, crude oil, natural gas, refinery products, fertiliser, steel, cement, and electricity had expanded by 9.3 per cent in April 2022
The growth of eight core infrastructure sectors in India expanded by 18.1 per cent in May against 16.4 per cent in the year-ago period, according to official data released on Thursday.
According to the report by the PTI, the output of eight infrastructure sectors of coal, crude oil, natural gas, refinery products, fertiliser, steel, cement, and electricity had expanded by 9.3 per cent in April 2022, the data showed.
In May, the output of coal, crude oil, refinery products, fertiliser, cement, and electricity rose by 25.1 per cent, 4.6 per cent, 16.7 per cent, 22.8 per cent, 26.3 per cent and 22 per cent, respectively.
However, growth rate in the production of natural gas and steel slowed down by 7 per cent and 15 per cent in the month under review as compared to 20.1 per cent and 55.2 per cent, respectively in May 2021.
According to the report, cumulatively, during April-May 2022-23, the output of these eight sectors declined to 13. 6 per cent as compared to 36.3 per cent during April-May 2021-22.
Meanwhile, the economy of India gained momentum in May driven by pent up demand for services and higher industrial production as reopening continued from the Covid-19 pandemic curbs.
The boost was triggered by an expansion in services activity and a robust growth in core infrastructure industries.
Though an unprecedented rise in input prices because of the obgoing Russia-Ukraine conflict and persistent demand-supply imbalances likely to spoil sentiment going forward. Rising food, fuel, labour, and transportation costs are forcing central banks across the world to prioritise price stability over growth.
With PTI inputs
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