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This article is more than 2 year old.

Core sectors growth slows to 2.1% in July

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Growth of eight core industries dropped to 2.1 percent in July, mainly due to contraction in coal, crude oil and natural gas production, according to a government data released on Monday.

Core sectors growth slows to 2.1% in July
Growth of eight core industries dropped to 2.1 percent in July, mainly due to contraction in coal, crude oil and natural gas production, according to a government data released on Monday.
The eight core sector industries -- coal, crude oil, natural gas, refinery products, fertiliser, steel, cement and electricity -- had expanded by 7.3 percent in July last year.
These core industries comprise 40.27 percent of the weight of items included in the Index of Industrial Production (IIP).
Ouput of coal, crude oil, natural gas and refinery products recorded negative growth during the month under review.
Similarly, growth rate in production of steel, cement and electricity declined to 6.6 per cent, 7.9 percent and 4.2 percent, respectively, as against 6.9 percent, 11.2 percent and 6.7 percent.
However, fertiliser output marginally grew by 1.5 percent in July as against 1.3 percent in July 2018.
For April-July period, the eight sectors growth rate almost halved to 3 percent as compared to 5.9 percent in the same period last year.
The growth rate of these eight sectors are declining since April this year. It slowed down to 5.2 percent in April from 5.8 percent. Then it came down to 4.3 percent in May and 0.7 percent in June.
The GDP data too has shown deceleration with the growth rate coming down to over six year low of 5 percent in the first quarter of the current fiscal, mainly on account of sharp dip in manufacturing sector, which registered almost a flat growth of 0.6 percent.
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