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HomeEconomyOutput Growth of Eight Core Infrastructure Sectors Slows to 15-Month Low of...

Output Growth of Eight Core Infrastructure Sectors Slows to 15-Month Low of 3.6% in January

The growth of eight key infrastructure sectors decelerated to a 15-month low of 3.6% in January. This slowdown was influenced by a contraction in fertiliser and refinery production, as well as base effects from the previous year when the core sectors had expanded by 9.7% in the same month.

The Commerce and Industry Ministry, in its data release on February 29, also revised the growth rate of these eight core sectors for December 2023 to 4.9% from the earlier estimate of 3.8%, marking an improvement.

The previous lowest growth rate was recorded at 0.9% in October 2022. Cumulatively, the growth rate in the output of these sectors moderated to 7.7% compared to 8.3% in April-January 2022-23.

The Index of Core Industries (ICI), which accounts for slightly over 40% of the Index of Industrial Production (IIP), demonstrated sequential output growth for the second consecutive month, showing a 2.2% increase from December 2023. In absolute terms, output levels reached a ten-month high.

Refinery products, constituting 28% of the ICI, experienced a decline of 4.3% in January, marking their first contraction in nine months. However, electricity generation, with a 20% weightage, rebounded from a 1.2% uptick in December to a 5.2% rise in January.

Coal output growth slightly slowed to 10.2%, but still registered the seventh consecutive month of double-digit growth. Crude oil production, after two consecutive months of contraction, recorded a marginal growth of 0.7% in January.

These fluctuations in the core sectors’ performance highlight the ongoing dynamics within India’s industrial landscape.