Core sector growth slows to 4.5% in July

India's eight core industries recorded a growth of 4.5% in July 2022 compared with 9.9% in the same month last year, data released by the Ministry of Commerce & Industry shows.

The Index of Core Industries measures combined and individual performance of production in selected eight core industries such as coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity.

Except crude oil and natural gas, all other six industries recorded an expansion in July 2022. The production of coal, refinery products, fertilisers, steel, electricity and cement industries increased in July 2022 over the corresponding period of last year.

The eight core industries comprise 40.27% of the weight of items included in the Index of Industrial Production (IIP).

Crude oil production declined by 3.8% in July, 2022 over July, 2021. Its cumulative index declined by 0.5% during April to July 2022-23 over the corresponding period of the previous year. Natural gas production too fell by 0.3% in July 2022 over July 2021. Its cumulative index increased by 3.5% during April to July 2022-23 over the corresponding period of previous year.

However, coal production increased by 11.4% in July 2022 over July 2021. Its cumulative index increased by 26.6% during April to July 2022 over corresponding period of the previous year.

Petroleum refinery production rose by 6.2% year-on-year in July 2022. Its cumulative index increased by 11.7% during April to July over the corresponding period of previous year.

Production of fertilisers jumped 6.2% year-on-year in July 2022. Its cumulative index increased by 11.3% during April to July 2022 over the corresponding period of previous year.

Steel production increased by 5.7% year-on-year in July 2022. Its cumulative index increased by 6.5% during April to July 2022 over the corresponding period of previous year.

Cement production rose 2.1% in July 2022 over July 2021. Its cumulative index jumped by 13.3% during April to July 2022 over the corresponding period of previous year.

Electricity generation increased by 2.2% in July 2022 over July 2021. Its cumulative index rose 13.1% during April to July, 2022-23 over the corresponding period of previous year.