The growth in output of eight important infrastructure industries, known as the core sector, fell to 5.2% (year on year) in March from 7.1% in February, owing to a sequential decline in five of its constituents.
During March, output decreased in industries such as coal (8.7%), crude oil (2%), natural gas (6.3%), and steel (5.5%). Meanwhile, the output of refinery products (-0.3%) and fertilisers (- 1.3%) fell throughout the month. In March, however, cement output increased by 10.6% and electricity output by 8%.
In FY24, core sector growth was 7.5%, compared to 7.8% in FY23. All eight core industries experienced positive development during the fiscal year, with steel output (12.3%) leading the way, followed by coal (11.7%), cement (9.1%), and electricity (7%) in FY24.
The eight core industries account for 40.27% of the weighting of items included in the Index of Industrial Production (IIP), considerably impacting the index.
In FY24, core sector growth was 7.5%, compared to 7.8% in FY23. All eight core industries experienced positive development during the fiscal year, with steel output (12.3%) leading the way, followed by coal (11.7%), cement (9.1%), and electricity (7%) in FY24.
The eight core industries account for 40.27% of the weighting of items included in the Index of Industrial Production (IIP), considerably impacting the index.