Output of eight core industries slows to 6-month low of 7.8% in November
The output of eight core industries slipped to a six-month low of 7.8 per cent in November 2023 due to a decline in the output of crude oil and cement sectors. The core sector's (coal, crude oil, natural gas, refinery products, fertiliser, steel, cement and electricity) growth in October was 12 per cent. The last low was registered in May when these sectors recorded a growth of 5.2 per cent. However, the growth during the month under review is higher than the 5.7 per cent recorded a year ago. The final growth rate of Index of Eight Core Industries for August 2023 is revised to 13.4 per cent. The cumulative growth rate of Index of Eight Core Industries during April to November, 2023-24 is 8.6 per cent (provisional) as compared to the corresponding period of last year. All sectors, except crude oil and cement, recorded healthy production growth in the month under review.
Coal production having 10.33 per cent weight increased by 10.9 per cent in November, 2023 over November, 2022. Its cumulative index increased by 12.8 per cent during April to November, 2023-24 over corresponding period of the previous year. Electricity generation having 19.85 per cent weight increased by 5.6 per cent in November, 2023 over November, 2022. Its cumulative index increased by 7.7 per cent during April to November, 2023-24 over corresponding period of the previous year. Fertilizer production having 2.63 per cent weight increased by 3.4 per cent in November, 2023 over November, 2022. Its cumulative index increased by 6.3 per cent during April to November, 2023-24 over corresponding period of the previous year.
Natural Gas production having 6.88 per cent weight increased by 7.6 per cent in November, 2023 over November, 2022. Its cumulative index increased by 5.4 per cent during April to November, 2023-24 over corresponding period of the previous year. Petroleum Refinery production having 28.04 per cent weight increased by 12.4 per cent in November, 2023 over November, 2022. Its cumulative index increased by 5.0 per cent during April to November, 2023-24 over corresponding period of the previous year. Steel production having 17.92 per cent weight increased by 9.1 per cent in November, 2023 over November, 2022. Its cumulative index increased by 14.2 per cent during April to November, 2023-24 over corresponding period of the previous year.
However, Cement production having 5.37 per cent weight decreased by 3.6 per cent in November, 2023 over November, 2022. Its cumulative index increased by 10.3 per cent during April to November, 2023-24 over corresponding period of the previous year. Crude Oil production having 8.98 per cent weight decreased by 0.4 per cent in November, 2023 over November, 2022. Its cumulative index declined by 0.2 per cent during April to November, 2023-24 over corresponding period of the previous year.
