New Delhi, Dec 30 (Mayank Nigam) India’s eight core sector output increased 5.4% year-on-year in November 2022 with coal, cement, steel and electricity industries registering impressive double-digit growth. “The production of cement, coal, electricity, steel and fertilizers increased in November 2022 over the corresponding month of last year,” an official statement from the Commerce and Industry Ministry said on Friday. The output of crude oil, natural gas and petroleum refinery products declined during this period.
“With fewer holidays relative to November 2021, the growth of the core sector output expectedly improved to 5.4% in November 2022 from the marginal 0.9% in October 2022, as the base effect reversed,” said ICRA Chief Economist Aditi Nayar. The index of eight core industries (ICI) measures combined and individual performance of production of eight core industries viz. coal, crude oil, natural gas, refinery products, fertilizers, steel, cement and electricity. The eight core industries comprise 40.27% of the weight of items included in the Index of Industrial Production (IIP).
As per the data released today, the cumulative growth rate of ICI during April-November 2022 was 8% as compared to the corresponding period of last year. While coal production increased by 12.3% year-on-year in November 2022, fertilizers production went up 6.4% during this period. Steel, cement and electricity output rose 10.8%, 28.6% and 12.1% respectively in November 2022. During this period, output of crude oil, natural gas and petroleum refinery products declined by 1.1%, 0.7% and 9.3% respectively.