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Current Affairs

Core sector records 4.7% growth in March 2019

Date: 01 May 2019 Tags: Industries

According to data released by Ministry of Commerce, the combined index of the eight sectors recorded 4.7% growth in March 2019. It is highest growth recorded by eight core sectors in past five-months. This growth was driven by broad-based recovery in sectors such as cement, refinery products, steel, and coal.

Sector wise Performance (March 2019)

  • Cement sector: It saw strongest rebound in March 2019, growing 15.7% compared with 8%in February 2019.
  • Steel sector: It recorded 6.7% from 4.9% over the same period. The cement sector grew 13.3% over the full year 2018-19, up from the 6.3% growth it recorded in the previous year.
  • Coal sector:  It recorded growth 9.1% from 7.4% in February 2019.
  • Crude oil sector: It contracted by 6.2% compared with contraction of 6.1% in February 2019.
  • Refinery products: It recorded 4.3% growth in March 2019 as compared with contraction of 0.8% in February 2019.
  • Natural gas sector: It saw growth slowed in March 2019 to 1.4% from 3.8% in February 2019. The sector saw growth for the full year slipping to 0.8% in 2018-19 from 2.9% in 2017-18.
  • Fertilizer sector: Its growth quickened in March 2019 to 4.3% from 2.5% in February 2019.
  • Electricity sector: It recorded growth of 1.4% compared with 1.2% in February 2019.

About Index of Eight Core Industries (ICI)

  • It is monthly production volume index of eight core industries of the economy. It is considered as lead indicator of monthly industrial performance.  Its base year is 2011-12.
  • It measures individual as well as collective performance of production in selected eight core industries viz. Petroleum Refinery Products, Natural Gas, Coal, Fertilizers, Crude Oil, Steel, Cement and Electricity.
  • These eights industries are main industry of the economy i.e. are considered as backbone of all other industries. They have significant impact on general economic activities as well as industrial activities.
  • It is compiled and released by Office of Economic Adviser (OEA), Department for Promotion of Industry and Internal Trade (earlier DIPP), Ministry of Commerce & Industry.
  • These eight core sectors constitute 40.27% of total of the weight of items included Index of Industrial Production (IIP).
  • Components and weightages of core sectors: Petroleum Refinery production (weight: 28.04), electricity generation (9.85), Steel production (17.92), Coal production (10.33), Crude Oil production (8.98), Natural Gas production (6,88), Cement production (5.37) and Fertilizers production (2.63).
  • Note: Highest weightage is for Petroleum Refinery production (weight: 28.04) and lowest is for Fertilizers production (2.63).