The production of eight main areas grew by 9.4% in July at the bottom of the low level in 2021. In the aftermath of the easing limitations that followed the second wave and rekindling demand, 7 out of 8 industries showed positive growth. All the others saw a rise YoY, with the exception of the NSE crude oil -1.54 percent sector.
The cement sector expanded by 21.8%, while the steel industry grew by a healthy 9.3%.
Despite a declining base effect that demonstrates the economy returns to normality, core sector production increased by 9.4 percent. For April 2021, the Eight Core Industries Index is updated to 62,6% from its interim 56,1%.In comparison with the same previous fiscal year, the growth rate for ICI from April to July 2021-22 was 21.2 percent (P).
The core industry production includes the eight leading industries, namely coal, crude oil, natural gas, refinery, steel, cement, fertilizer, and power. The total output of these sectors is 40% of the industrial production index (IIP).
(The Economic Times)
