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regular-article-logo Sunday, 21 April 2024

Core growth of eight key infrastructure sectors falls to 4-month low of 8.1 per cent

Crude output dipped 0.4 per cent in September against a contraction of 2.3 per cent in the same month last year

PTI New Delhi Published 01.11.23, 09:38 AM
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The growth of eight key infrastructure sectors slowed down to a four-month low of 8.1 per cent in September 2023 against 8.3 per cent a year ago.

The growth rate in the output of refinery products, fertiliser, cement and electricity during the month under review has decelerated, while it was negative in the case of crude oil. The previous low was in May, when the growth rate of these sectors stood at 5.2 per cent.

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Crude output dipped 0.4 per cent in September against a contraction of 2.3 per cent in the same month last year.

The core sector growth in August was 12.5 per cent, which was the highest since June 2022, when it was 13.2 per cent. The output growth of the eight sectors was also lower at 7.8 per cent in April-September 2023-24 against 9.8 per cent in the year-ago period.

In September, coal, natural gas, and steel production rose by 16.1 per cent, 6.5 percent and 9.6 per cent, respectively.

The growth rate in refinery products slowed down to 5.5 per cent from 6.6 per cent a year ago. Fertiliser growth fell to 4.2 per cent from 11.8 per cent, cement to 4.7 per cent from 12.4 per cent a year ago.

Electricity output growth fell to 9.3 per cent from 11.6 per cent a year ago.

Icra chief economist Aditi Nayar said a pick-up in rainfall expectedly flattened the core sector expansion in September to a four-month low from 12.5 per cent, amid the slowdown in growth of seven of the eight constituent sectors barring fertiliser output.

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