Core Sector Output Rises 5.2% In March; Cement, Coal, Electricity Log Positive Growth
The dip in core sector growth in March was attributed to five out of the eight sectors experiencing either contractions or slower growth compared to the previous month
India's eight core sectors reported a growth rate of 5.2 per cent in March, according to data released by the Ministry of Commerce and Industry on April 30. Despite being slower than February 2024's growth rate of 7.1 per cent, the March 2024 rate was still higher than the 4.2 per cent growth recorded in March 2023.
The eight core sectors include coal, crude oil, steel, cement, electricity, fertilizers, refinery products, and natural gas. The overall output of these sectors in 2023-24 was 7.5 per cent lower year-on-year, compared to 7.8 per cent in 2022-23.
The dip in core sector growth in March was attributed to five out of the eight sectors experiencing either contractions or slower growth compared to the previous month. For example, crude oil production growth slowed to 2 per cent in March, down from 7.9 per cent in February 2024.
The summary of the Index of Eight Core Industries is given below:
Cement: Cement production (weight: 5.37 per cent) increased by 10.6 per cent in March, 2024 over March, 2023. Its cumulative index increased by 9.1 per cent during 2023-24 over corresponding period of the previous year.
Coal: Coal production (weight: 10.33 per cent) increased by 8.7 per cent in March, 2024 over March, 2023. Its cumulative index increased by 11.7 per cent during 2023-24 over corresponding period of the previous year.
Crude Oil: Crude Oil production (weight: 8.98 per cent) increased by 2.0 per cent in March, 2024 over March, 2023. Its cumulative index increased by 0.6 per cent during 2023-24 over corresponding period of the previous year.
Electricity: Electricity generation (weight: 19.85 per cent) increased by 8.0 per cent in March, 2024 over March, 2023. Its cumulative index increased by 7.0 per cent during 2023-24 over corresponding period of the previous year.
Fertilizers: Fertilizer production (weight: 2.63 per cent) declined by 1.3 per cent in March 2024 over March, 2023. Its cumulative index increased by 3.7 per cent during 2023-24 over corresponding period of the previous year.
Natural Gas: Natural Gas production (weight: 6.88 per cent) increased by 6.3 per cent in March, 2024 over March, 2023. Its cumulative index increased by 6.1 per cent during 2023-24 over corresponding period of the previous year.
Petroleum Refinery Products: Petroleum Refinery production (weight: 28.04 per cent) declined by 0.3 per cent in March, 2024 over March, 2023. Its cumulative index increased by 3.4 per cent during 2023-24 over corresponding period of the previous year.
Steel: Steel production (weight: 17.92 per cent) increased by 5.5 per cent in March, 2024 over March, 2023. Its cumulative index increased by 12.3 per cent during 2023-24 over corresponding period of the previous year.
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