1st August 2024 (13 Topics)
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India's core sector growth
Context
Growth in India's eight core sectors has declined to a 20-month low of 4% in June 2024, from 6.4% in May. Most sectors, except for coal, experienced a sharp decline in output growth, with steel production at a seven-month low and refinery products contracting for the first time in five months.
Key Highlights (Sector-wise Performance)
- Coal: Output grew by 14.8%, the fastest pace in eight months, with production levels at a three-month high.
- Electricity: Generation slipped to a four-month low of 7.7%, with output 3.6% below May’s peak levels amid a heat wave.
- Cement: Production rose by 1.9% after two months of contraction.
- Steel: Grew by just 2.7%, the slowest in 27 months, potentially due to reduced public capital expenditure ahead of general elections.
- Natural Gas: Production grew by 3.3%, the slowest pace in 13 months.
- Fertilizers: Output recovered after five months of contractions, recording a 2.4% increase.
- Refinery Products: Production dropped by 1.5%.
- Crude Oil: Contraction deepened to 2.6% in June from 1.1% in May.
Fact Box: What are Core Sector Industries?
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