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India's core industries output touches 11-month high of 5.5% in February

This was the fourth consecutive month of growth in index of eight core industries after three months of contraction

twitter-logo BusinessToday.In   New Delhi     Last Updated: March 31, 2020  | 19:43 IST
India's core industries output touches 11-month high of 5.5% in February
The growth of eight core industries was driven by double-digits growth in coal and electricity sector

India's eight infrastructure sectors grew at an 11-month high of 5.5 per cent in February from a rise of 1.4 per cent reported in January 2020. The output pace of core industries growth was also higher than 2.2 per cent growth rate reported in February 2019.

This was the fourth consecutive month when the index of eight core industries reported growth after three months of contraction.

The growth of eight core industries was driven by double-digits growth in coal and electricity sector. On the flip side, crude oil, natural gas, and steel saw a contraction in the output.

However, the output of industries is likely to fell sharply in March as businesses faces a big economic challenge in the wake of Centre's 21-day lockdown announced in the view of coronavirus outbreak.

"The combined index of eight core industries stood at 132.9 in February 2020, which increased by 5.5 per cent as compared to the index of February 2019," Ministry of Commerce and Industry said in a statement.

The cumulative growth during April to February 2019-20 stood at 1 per cent.

The eight core industries, including coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity, constitute 40.27 per cent of the weight of items included in the Index of Industrial Production (IIP).

Coal

Coal production increased by 10.3 per cent in February 2020 over the same period last year. Its cumulative index declined by 1.2 per cent during April to February 2019-20 over the corresponding period of the previous year.

Crude Oil

Crude oil production declined 6.4 per cent year-on-year in February 2020. Its cumulative index declined 6 per cent during April to February 2019-20 over the year ago period.

Natural Gas

Natural Gas production fell 9.6 per cent y-o-y in February 2020. Its cumulative index declined by 4.8 per cent on annual basis during April to February 2019-20.

Refinery Products

Petroleum refinery output rose by 7.4 per cent year-on-year in February 2020 over the same period last year. Its cumulative index during April to February 2019-20 increased marginally by 0.3per cent.

Fertilisers

Production of fertilisers increased by 2.9 per cent in February 2020 over February 2019. Its cumulative index increased by 4.1 per cent during April to February 2019-20 over the corresponding period of previous year.

Steel

Steel output fell by 0.4 per cent in February 2020 over the year-ago period. Its cumulative index increased by 5 per cent during April to February 2019-20.

Cement

Cement production annually increased 8.6 per cent in February this year. Its cumulative index increased 1.8 per cent during April to February 2019-20 against the same period of previous year.

Electricity

Electricity generation surged 11 per cent in February 2020 against the same period last year. Its cumulative index increased by 1.8 per cent during April to February 2019-20 over the corresponding period of previous year.

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