India's 8 core sectors grow 12.1% in October

India's eight core sectors recorded 12.1% growth in October 2023 as compared to the same period last year, according to the Ministry of Commerce and Industry data released on November 30, 2023.

The production of all eight core industries -- cement, coal, crude oil, electricity, fertilisers, natural gas, refinery products and steel -- recorded positive growth in October 2023 over the corresponding month of last year.

The final growth rate of the index of eight core industries for July 2023 has also been revised to 8.5%, says the ministry.

The cumulative growth rate of core industries during April to October 2023-24 stands at 8.6% (provisional) as compared to the corresponding period of last year.

Sector-wise, cement production increased 17.1% in October 2023 over October 2022, while its index surged 12.2% from April to October 2023-24 against the year-ago period. Coal, on the other hand, surged 18.4%, while its cumulative index increased 13.1% in April-October 2023-24 period against the same period last year.

Crude oil production increased 1.3% in October 2023, while its index declined 0.1% during April to October 2023-24 YoY.

In electricity, the total generation increased 20.3% in October 2023 YoY while its index increased 7.9% in April to October 2023-24 over the corresponding period of the previous year.

The fertilisers production surged 5.3% in October 2023 over October 2022, while the index surged 6.7% during April-October 2023-24.

Natural gas saw production increasing 9.9% in October 2023 while the index grew 5.1% from April to October 2023-24 YoY.

The production of petroleum refinery products increased 4.2% in October 2023 over October 2022. Its cumulative index increased 4.0% from April to October 2023-24 over the corresponding period of the previous year.

In steel, the production increased 11% in October 2023 on a YoY basis, while its cumulative index increased 14.5% from April to October 2023-24.

Govt accounts data released

The government has received total receipts worth ₹15,90,712 crore, 58.6% of corresponding BE 2023-24 of total receipts, up to October 2023, comprising ₹13,01,957 crore tax revenue (net to Centre), ₹2,65,765 crore of non-tax revenue and ₹22,990 crore of non-debt capital receipts. The non-debt capital receipts consist of recovery of loans worth ₹14,990 crore and miscellaneous capital receipts of ₹8,000 crore.

The Centre has transferred ₹5,28,405 crore to states as devolution of the share of taxes up to this period, which is ₹93,966 crore higher than the previous year.

The total expenditure incurred by the Centre stands at ₹23,94,412 crore, 53% of corresponding BE 2023-24, of which ₹18,47,488 crore is on the revenue account and ₹5,46,924 crore is on the capital account. Of the total revenue expenditure, ₹5,45,086 crore is on account of interest payments and ₹2,31,694 crore is on account of major subsidies.