India's core sector growth accelerated to 5.8 per cent in February 2022 from 4 per cent recorded in the previous month on the back of a sharp increase in the output of natural gas, refinery products, and coal, the government data showed on Thursday.
The sharp growth in the core infrastructure sector comes on a low base. The output of eight core infrastructure sectors that include, coal, crude oil, natural gas, petroleum refinery products, fertilisers, cement, steel and electricity, had contracted by 3.3 per cent in February 2021.
The Eight Core Industries comprise 40.27 per cent of the weight of items included in the Index of Industrial Production (IIP).
The production of coal, natural gas, refinery products, steel, cement and electricity industries increased in February 2022 over the corresponding period of last year, according to data released by the Ministry of Commerce & Industry.
The final growth rate of Index of Eight Core Industries for November 2021 has been revised to 3.2 per cent from its provisional level 3.1 per cent.
For April-February 2021-22 period, the cumulative growth rate of the Index of Eight Core Industries, stood at 11 per cent (provisional) as compared to the corresponding period of last fiscal.
Out of the eight core sectors, the best performance is in natural gas. The output of natural gas increased by 12.5 per cent in February 2022 year-on-year. Its cumulative index increased by 20.5 per cent during April to February 2021-22 over the corresponding period of the previous year.
Petroleum Refinery production (weight: 28.04 per cent) increased by 8.8 per cent in February 2022 over February 2021. Its cumulative index increased by 9.2 per cent during April to February, 2021-22over the corresponding period of the previous year.
Steel production (weight: 17.92 per cent) increased by 5.7 per cent in February 2022 over February 2021. Its cumulative index increased by 18.4 per cent during April to February 2021-22 over the corresponding period of the previous year.
Coal production (weight: 10.33 per cent) increased by 6.6 per cent in February 2022 over February 2021. Its cumulative index increased by 9.8 per cent during April to February 2021-22 over the corresponding period of the previous year.
Cement production (weight: 5.37 per cent) increased by 5.0 per cent in February 2022 over February 2021. Its cumulative index increased by 22.4 per cent during April to February 2021-22 over the corresponding period of the previous year.
Electricity generation (weight: 19.85 per cent) increased by 4.0 per cent in February 2022 over February 2021. Its cumulative index increased by 8.1 per cent during April to February 2021-22 over the corresponding period of the previous year.
However, crude oil production declined during the month under review. Crude Oil production (weight: 8.98 per cent) declined by 2.2 per cent in February 2022 over February 2021. Its cumulative index declined by 2.6 per cent during April to February 2021-22 over the corresponding period of the previous year.
( With inputs from ANI )
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