New Delhi: India’s core sector growth grew by 5.8 per cent in February, data released by Ministry of Commerce and Industry showed on Thursday.
The output of eight infrastructure sectors expanded in February against a contraction of 3.3 per cent in the same month last year on better show by coal, natural gas, refinery products, and cement industries, the release tweeted by ANI showed.
Eight core industries growth in February 2022 at 5.8% vs 4.0% month on month: Ministry of Commerce & Industry pic.twitter.com/vBIKzI7iAT
– ANI (@ANI) March 31, 2022
The index of eight core industries measures the output of eight infrastructure industries — coal, crude, natural gas, refinery products, fertilisers, cement, steel and electricity.
According to the data, production of crude oil and fertiliser declined in February this year.
In January, the core sector industries grew by 4 per cent.
The growth rate of the eight infrastructure sectors coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity stood at 11 per cent during April-February this fiscal year, as against a negative growth rate of 8.1 per cent during the same period last fiscal year.
According to the data, production of coal rose by 6.6 per cent, natural gas by 12.5 per cent, refinery products by 8.8 per cent, and cement by 5 per cent in February.
According to news reports, amid the ongoing war between Russia and Ukraine and a surge in crude oil prices, production of crude oil saw a decrease of 2.2 per cent compared to the same period in the previous fiscal year. The cumulative index of crude oil production also fell by 2.6 per cent during the April to February period for FY22.
The core sector constitutes 40 per cent of the Index of Industrial Production (IIP), thus making it a major indicator of industrial activity.
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