Output of 8 major basic industries grew by 4.4 percent in September | Output of 8 major core industries grew by 4.4 percent in September

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Output of 8 major core industries grew by 4.4 percent in September

New Delhi: Output in eight core infrastructure sectors rose 4.4 per cent in September, driven by better performance in sectors such as natural gas, refinery products and cement. Eight core infrastructure sectors grew by 0.6 per cent in September 2020, according to data released by the Ministry of Commerce and Industry. These eight sectors are coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity. The growth rate of these key sectors stood at 11.5 per cent in August this year.

The weight of these eight major industries in the Index of Industrial Production (IIP) is 40.27 percent. According to official data, production of natural gas, refinery products and cement grew by 27.5 per cent, 6 per cent and 10.8 per cent, respectively, in September 2021. However, crude oil production declined by 1.7 per cent year-on-year in September. The growth rate of these basic industries stood at 16.6 per cent during the first half of the current financial year as compared to 14.5 per cent in the same period a year ago.

Commenting on these figures, Aditi Nayar, Chief Economist, ICRA said that IIP growth is expected to decline by 3-5 per cent in September due to low growth in core sectors and impact on auto sector due to shortage of semiconductors. He said that gradual improvement is expected and the growth of basic industries will be at 4-5 per cent in October 2021 on a yearly basis.

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