Core sector growth slows to 1.8% in Nov

 The growth rate of eight core sector industries grew at a sluggish 1.8 per cent in November, 2012, compared to 7.8 per cent in the same month last year.

This was due to drop in production of coal, natural gas and cement and deceleration in growth rates of electricity, steel and petroleum refinery products, according to a press release by the Union Ministry of Commerce & Industry on Monday.

The eight industries have a weightage of 37.9 per cent in the overall composition of the Index of Industrial Production (IIP). The eight core sector industries had registered eight-month high growth of 6.5 per cent in October 2012.

During April-November 2012-13, cumulative growth rate of core industries was 3.5 per cent, down from 4.8 per cent during the corresponding period last year.

Crude oil production grew marginally at 0.8 per cent in November, compared to a contraction of 5.7 per cent in November, 2012. Production of natural gas and coal contracted by 15.2 per cent and 4.4 per cent respectively.

Cement production, whcih has a weight of 2.41 per cent, registered decline of 0.2 per cent in November 2012 against a growth of 17 per cent in November 2011.

The cumulative growth of cement production was 6.7 per cent during April-November 2012-13 compared to 4.8 per cent during the same period last fiscal.

Steel production grew 6 per cent in November 2012, compared to 10.5 per cent in November 2011, while the respective figures for electricity were 2.3 per cent (November 2012) and 14.4 per cent (Nov 2011).

Comments (+)