Economy

Growth of core infra sectors slows down to 2.1% in July

Growth of core infra sectors slows down to 2.1% in July”

The growth rate of these eight sectors is declining since April this year. Growth had collapsed to only 0.2 per cent - a 50-month low - in June. Measured by the Index of Eight Core Industries, core sector activity has a weightage of about 40 per cent in the Index of Industrial Production (IIP), which gauges factory production.

Production of fertilisers (weight of 2.63 per cent in IIP) increased by 1.5 per cent in July 2019 while cumulative production of fertilisers declined by 0.4 per cent during April-July 2019-20.

Still, growth was much slower than in July past year when it was 7.3 per cent.

The growth of the eight core industries has witnessed a slow down to 2.1% for the month of July 2019.

Similarly, the growth rate in production of steel, cement and electricity declined to 6.6 per cent, 7.9 per cent and 4.2 per cent, respectively, as against 6.9 per cent, 11.2 per cent and 6.7 per cent.

After rising 3.2 per cent in June, coal production contracted by 1.4 per cent in July. The sector saw a 0.9-per cent contraction in July - a much milder contraction, as against the 9.3-per cent contraction in the previous month.

"The core sector data offered mixed cues, with the moderately healthy growth of cement and steel output juxtaposed against YoY contraction in four indices, namely, coal, crude oil, natural gas and refinery output", said ICRA Principal Economist Aditi Nayar. According to the data, the growth rate of eight core sectors (infrastructure output) has been recorded in the month of July.

This comes a day after official data showed that the Indian GDP grew at just 5 per cent in the June quarter, its slowest pace in over six years.



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