India’s core sector growth in October increased by 12.1%.

From April to October, there was an 8.6 percent increase in the output of India’s eight core industries compared to the same period last year. This growth rate slightly surpassed the 8.4 percent recorded in the first seven months of the current fiscal year, 2022–23.

In October 2022, India’s eight core sectors, including coal, crude oil, natural gas, refinery products, fertiliser, cement, electricity, and steel, experienced a growth of 0.7 percent.

In October, the Ministry of Commerce and Industry released data showing a growth of 12.1 percent in India’s eight core sectors.

Last month, the growth in India’s eight key infrastructure industries—coal, crude oil, steel, cement, electricity, fertilisers, refinery products, and natural gas—stood at 12.1 percent, which is higher than the 8.1 percent recorded in September. The commerce ministry, on November 30, adjusted this figure to 9.2 percent.

The growth of the core sector in October 2022 was only 0.7 percent.

From April to October, there was an 8.6 percent increase in the output of the eight core industries compared to the previous year. This is a slight improvement from the 8.4 percent growth seen in the first seven months of 2022–23.

The increase in core sector growth in October can be attributed to the significant rise in output from the cement and electricity sectors, which experienced a substantial jump compared to the same month last year. In October, there was a significant increase in cement production, rising by 17.1 percent compared to the previous year. Similarly, electricity generation experienced even stronger growth, more than doubling to 20.3 percent year-on-year.

In October, there were notable increases in production across various sectors. Coal production saw a significant growth of 18.4 percent, while steel production also experienced a commendable rise of 11.0 percent. Additionally, there was a notable increase of 9.9 percent in natural gas output, according to the available data.

It is expected that the rise in core sector growth in October will lead to an increase in industrial growth, according to the Index of Industrial Production (IIP). The statistics ministry recently released data indicating that India’s IIP growth in September dropped to a three-month low of 5.8 percent, which was significantly lower than the anticipated 7.4 percent. Given the significant contribution of the eight core industries to the Index of Industrial Production (IIP), they are considered a reliable indicator of industrial growth.

Consequently, a surge in core sector expansion in October could potentially lead to a boost in the IIP growth rate for the same month. The official data for this will be made available on December 12.


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