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India's core sector grows 6.2% YoY in April 2024
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India's core sector grows 6.2% YoY in April 2024

| @indiablooms | 31 May 2024, 08:51 pm

New Delhi: India's index of eight core sectors grew by 6.2 percent year-on-year in April, following a 6 percent growth in March, according to official data released on Friday.

In comparison, the eight sectors had grown by 4.6 percent in April 2023.

"The production of electricity, natural gas, coal, steel, refinery products, crude oil and cement recorded positive growth in April," the statement read.

The coal sector output decreased by 7.5 percent compared to a 9.1 percent decrease in the same period last year.

Similarly, the crude oil sector saw a growth of 1.6 percent, reversing a 3.5 percent decline year-over-year.

In March 2024, coal and crude oil output were recorded at 8.7 percent and 2.0 percent, respectively.

Natural gas production increased by 8.6 percent in April 2024, up from a decline of 2.9 percent in April 2023.

Meanwhile, refinery products, which contracted by 1.5 percent last year, surged by 3.9 percent in April 2024.

The fertilizers sector contracted by 0.8 percent last month, following a growth of 23.5 percent in the same period the previous year.

The cement and steel sectors grew by only 0.6 percent and 7.1 percent, respectively, compared to increases of 12.4 percent and 16.6 percent year-over-year.

Meanwhile, the electricity sector increased by 9.4 percent in April 2024, compared to a decline of 1.1 percent in April 2023.

The Index of Eight Core Industries (ICI) measures the combined and individual performance of production in eight core industries: cement, coal, crude oil, electricity, fertilizers, natural gas, refinery products, and steel.

These industries account for 40.27 percent of the weight of items included in the Index of Industrial Production (IIP).

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