New Delhi: India’s core sectors’ output growth slowed down to 2.9% in February. This is the slowest monthly pace in five months. A year ago, in February 2024, core sector output had expanded at 7.1%. The IIP grew at 5% in January, up from 3.2% in the previous month.
Eight core sectors include coal, crude oil, natural gas, refinery products, fertiliser, steel, cement and electricity. The ICI is calculated after considering the combined and individual performance of production of 8 core industries. The 8 core industries comprise 40.27% of the weight of items included in the Index of Industrial Production (IIP).The Index of Industrial Production (IIP) measures overall industrial growth.
Only three of the eight core industries reported a monthly rise in production, and only two sectors, cement and fertilizers, saw higher output in February compared to the year-ago period.
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Fertilizers and cement boosted core sector output in February, with production growth of 10.2% and 10.5%, respectively, although cement production growth declined month-on-month. Fertilizers and cement output grew by 3% and 14.6%, respectively, in January.
In February, the output of crude oil contracted by 5.2% and natural gas by 6%. Coal output grew by 1.7% in February, its slowest pace in six months, while refinery output rose by 0.8%, also the slowest in six months.
Steel production grew by 5.6% in February, up from 4.7% in the previous month, while electricity output rose by 2.8%, compared to a 2.4% rise in January.
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