Growth rate of eight core sectors slows down to 15-month low of 3.6% in January
Industry said on Thursday.
The index had grown by 4.9 per cent in December 2023 and 9.7 per cent in January 2023.
«The production of coal, steel, cement, natural gas, electricity and crude oil recorded positive growth in January 2024,» the government said in a press release.
Steel sector’s growth slowed to 7 per cent in January 2024, down from 14.3 per cent in the same month a year ago. Similarly, growth in the electricity sector dipped from 12.7 per cent in January 2023 to 5.2 per cent last month.
The coal sector registered a growth of 10.2 per cent in January 2024 on a year-on-year basis, having grown 13.6 per cent in the same month a year ago and 10.7 per cent in December.
The crude oil sector grew by 0.7 per cent in January after registering a contraction of -1.1 per cent in January 2023 and 1 per cent in December.
The natural gas sector grew by 5.5 per cent in January 2024, up from 5.2 per cent in January 2023 but down from 6.6 per cent in December.
Refinery products’ growth contracted by 4.3 per cent in January. It grew 4.5 per cent in January 2023 and 4 per cent in December.
The fertilisers sector contracted by 0.6 per cent in January 2024.
The index of Eight Core Industries (ICI) measures the combined and individual performance of production of eight core industries namely cement, coal, crude oil, electricity, fertilizers, natural gas, refinery products and steel. These industries comprise 40.27 percent of the weight of items included in the Index of Industrial Production (IIP).
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