India's 8 core sectors register higher production; read on to know why they matter
By: FPJ Web Desk | May 31, 2023
Cement, steel, power and energy are essential to keep a country's industrial engine up an running, and eight core sectors that supply these account for 40% of the items in India's index of industrial production.
The combined output of eight core industries in India went up by 3.5% for April 2023 as compared to the same period last year.
Production of coal, which holds a 10% weightage in IIP, went up by 9% for April 2023, compared to April 2022.
Natural gas, which accounts for almost 7% of the IIP, saw a drop in production of 2.8% for April 2023.
Crude oil has a weightage of almost 9% in the industrial production index, and its production also went down by 3.5%.
Petroleum refinery products, which are consumable fuels, make up 28% of the IIP, but witnessed a 1.5% drop in output.
Steel holds almost 18% weightage in the IIP, and clocked a 12.1% uptick in production for April 2023.
Electricity powers up everything from mines to factories and offices, making up 20% of the IIP basket, but its production dropped by 1.4%.
Although cement has a weightage of little over 5% in the index, its production saw a rise of 11.6% as infrastructure projects gather steam.
Despite agriculture being a major sector, fertilisers account for 2.63% of the IIP, yet its production surged by 23.5% for catering to the demand for food.