Industrial output from India's 8 core sectors drops to 3.6%, hits 5-month low for March

Industrial output from India's 8 core sectors drops to 3.6%, hits 5-month low for March

These eight collectively account for 40 per cent of the weightage when the index of industrial production is calculated.

FPJ Web DeskUpdated: Friday, April 28, 2023, 06:21 PM IST
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Road transport, construction and agricultural produce, all the markers of a country's growth that we see around us are powered by eight core sectors. Coal for power, crude oil, natural gas, refinery products, fertilisers, steel, cemebt and electricity are essential for industries to function.

But the output of these core sectors has dropped to the lowest level in five months at 3.6 per cent for March 2023.

Crucial sectors hit hard

This is also a 50 per cent crash from February, when production from these sectors was recorded at 7.2 per cent.

These eight collectively account for 40 per cent of the weightage when the index of industrial production is calculated.

The breakdown

The lowest level for output from these essential sectors was recorded in October 2022, when it has slowed down to 0.7 per cent.

Output for cement has dropped to the lowest level at 0.8 per cent for March, while power slid to 1.8 per cent and crude oil hit 2.8 per cent.

At the same time coal, fertilisers, steel, natural gas and refinery products clocked an uptick.

The slowdown in industrial output for important sectors comes as India is touted as the fastest-growing economy despite global headwinds.

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