Normalising base effect eases India's September core sector growth
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Normalising base effect, as well as heavy rainfall, eased the growth rate of India's eight major industries in September on a sequential basis.
The Index of Eight Core Industries' (ICI) readings for last month showed a slower rate of expansion at 4.4 per cent (provisional) from a rise of 11.5 per cent (provisional).
However, on a year-on-year basis, the ICI readings during the period under review was higher than 0.6 per cent reported for September, 2020.
The ICI index comprises 40.27 per cent of the weight of items included in the Index of Industrial Production (IIP), and comprises coal, crude oil, natural gas, refinery products, fertilisers, steel, cement, and electricity.
"The combined Index of Eight Core Industries stood at 126.7 in September 2021, which increased by 4.4 per cent (provisional) as compared to the Index of September 2020," a Ministry of Commerce and Industry statement said.
"The production of coal, natural gas, refinery products, fertilisers, steel, cement and electricity industries increased in September 2021 over the corresponding period of last year."
As per the statement, the final growth rate of the ICI for June 2021 has been revised to 9.4 per cent from its provisional level 8.9 per cent. "The growth rate of ICI during April-September 2021-22 was 16.6 per cent (P) as compared to the corresponding period of last FY," it said.
