The output of eight core industries in India declined by 0.5 per cent during the month of August in comparison to the corresponding month last year, government data showed. The decline was caused by slow output in coal, crude oil, natural gas, cement and electricity. The cumulative growth across the eight sectors during April to August this fiscal was 2.4 per cent.
The eight core industries, which include coal, crude oil, natural gas, refinery products, fertiliser, steel, cement and electricity, comprise 40.27 per cent of the weight of items included in the Index of Industrial Production (IIP).
Coal production declined by 8.6 per cent on an annual basis in August 2019, whereas crude oil production fell by 5.4 per cent during the same month. Meanwhile, natural gas production fell by 3.9 per cent during August 2019 in comparison to August 2018. Cement production also slipped by 4.9 per cent in August, 2019 on a yearly basis, whereas electricity generation tumbled 2.9 per cent during this period.
Refinery products, fertilisers and steel managed to register a growth in output during the month under review. Petroleum refinery production increased by 2.6 per cent in August, 2019 over August, 2018, whereas fertilisers output registered a growth of 2.9 per cent. Steel production grew by 5 per cent during the month of August.