Data issued by the government on Friday indicated that annual growth in output across India's eight major sectors was 12.1% in August.
July's figure was 8.4% on an annualized basis. According to the report, "in August 2023, production of all Eight Core Industries recorded positive growth over the corresponding month last year," which included cement, coal, crude oil, electricity, fertilizers, natural gas, refinery products, and steel.
Production in the eight industries as a whole grew by 7.7% from April to August 2023-24, down from 10% in the same period the year before.
Compared to August of last year, production of steel increased by 10.9%. Ten percent more natural gas was produced in the reviewed month compared to August 2022, when output fell by 0.9%.
In comparison to August 2022, production of coal increased by 17.9 percent in August 2023. Production of refined goods increased by 9.5% from August 2022, when the rate stood at 7%.
Production of crude oil also increased by 2.1% during the month under review.
In August, production of both cement and power were up significantly. However, the rate of increase in fertilizer production fell to 1.8% in August from 11.9% in the corresponding month a year before.
"A slacking monsoon helped lift core sector growth to a robust 12.1% in August 2023, with double-digit rise in five of the eight components. This was despite declines in fertilisers, crude oil, and refined goods, though the latter still recorded a robust 9.5% increase. "Given the booming economy, the booming GDP, the booming employment rate, the booming housing market, the booming stock market, the booming housing market, the booming consumer spending, the booming consumer spending, the booming consumer spending, the booming consumer spending, the booming consumer spending, the booming consumer spending, the booming consumer spending, the booming consumer spending, the booming consumer spending, the etc.
Data showed that the cumulative growth rate of ICI from April to August was 7.7 percent. Coal, crude oil, natural gas, refined products, fertilizers, steel, cement, and power are just a few of the eight core sectors whose output is tracked by the Index of Eight Core sectors (ICI). Forty.27% of the total weight of the components that make up the Index of Industrial Production (IIP) come from just eight primary sectors.
Comments