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What is a Core Sector Growth?
Components to calculate the ICI:
Latest Updates on Core Sector Growth
On the other hand, the output of crude oil (-4.8 per cent) and natural gas (-1.2 per cent) contracted during the month
Four of the 10 largest sectors - oil & gas, automotive, power, and FMCG - saw year-on-year profit declines, while six sectors posted double-digit earnings growth
For the first time in 42 months, the output of the core sector has contracted (-1.6 per cent) during August.
The eight core sectors contribute 40.27 per cent to the Index of Industrial Production (IIP) which measures overall industrial growth
Slowdown reflects a high base and reduced electricity demand, down from 6.4% in May and 8.4% last year
Core industries contributing to this growth, include coal, natural gas, cement, steel, crude oil, electricity, and refinery products which make up 40.27% of India IIP
Coal output grew by 10.2 per cent, the only sector to retain a double-digit growth in January, compared to 10.7 per cent previously
Only fertilisers and cement sectors see acceleration in output
The data indicates that the combined index of eight core industries showed an increase of 7.8 per cent (provisional) in November 2023, the government said
Madan Sabnavis, chief economist at Bank of Baroda, said core sector growth in November showed steady growth and the slight moderation had been due to base effects
All sectors except crude oil and cement recorded healthy production growth in the month under review
In August last year, the core sector had grown by 4.2 per cent
Crude oil production saw positive growth (2.1%) for the first time in 14 months since May 2022
Madan Sabnavis, chief economist at Bank of Baroda, said the continued traction in cement and steel could be attributed to government spending
The growth rate of the index of eight core industries (ICI) during 2022-23 was 7.7% (provisional), the ministry said in a release
Output accelerated by only 0.1% in October; 4 of 8 core industries reported production contraction
The Reserve Bank of India last month also revised its growth forecast for FY23 to 7 per cent from 7.2 per cent estimated earlier
The Reserve Bank of India (RBI) on Friday pared its growth forecast for FY23 to 7 per cent from 7.2 per cent estimated earlier
The growth in these eight sectors witnessed double digits growth in May and June at 19.3% and 13.2%, respectively
8 infra sectors grew 12.7% YoY in June; there was a contraction MoM