India’s eight core industries reported a 4.3% year-on-year growth in November, boosted by strong performances in cement and steel production, as per government data released on Tuesday. This marks an improvement over October’s revised growth rate of 3.7%.
Cement production recorded a robust 13% increase in November, showcasing significant momentum. Steel output rose by 4.8%, slightly lower than the revised 5.2% growth observed in October. Electricity generation improved as well, growing by 3.8%, compared to a 2% rise in the previous month.
Fertilizer production saw a 2% increase, recovering from a marginal 0.4% rise in October. Meanwhile, crude oil output declined by 2.1%, a narrower drop compared to the 4.8% fall recorded the previous month. Natural gas output contracted by 1.9%, slightly higher than the 1.2% decrease in October.
Coal production rose by 7.5%, maintaining stability from October’s 7.8% growth. Refinery product output grew by 2.9%, showing a slowdown from the 5.2% growth seen in the previous month.
For the April-November period, infrastructure output expanded by 4.2%, a significant slowdown compared to the 8.7% growth during the same period last year.
The core industries, which account for 40.27% of the Index of Industrial Production (IIP), serve as a key indicator of the country’s industrial performance.
ICRA Chief Economist Aditi Nayar highlighted the improved growth in November, attributing it to better performances in half of the core sectors and the diminishing impact of heavy rains in prior months.
“The sharp rise in cement production, driven by a low base, fueled the uptick. We expect IIP to grow by 5-7% in November 2024, supported by this core sector improvement,” Nayar added.
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