Coronavirus Lockdown: Eight core sector output contracts by record 38.1% in April; cement falls 86%, steel by 84%
The output of eight core infrastructure industries shrank by a record 38.1 per cent in April due to the coronavirus-induced lockdown, according to the official data
Eight core sectors growth up 5.5% in February, highest in 11 months; coal, refinery products and electricity output up
Eight core sector industries recorded a growth of 5.5 percent in February, highest in 11-months, mainly due to healthy expansion in output of coal, refinery products and electricity, according to a government data released on Tuesday
Core sector output shrinks for fourth consecutive month by 1.5% in November; refinery, fertilizers production up
The core sector for October had contracted to 5.8 percent from the 5.1 percent contraction seen in September.
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The core sector contributes 40% of the weight of Index of Industrial Production (IIP) hence that number for the month too is expected to take a hit.
The eight core sectors -- coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity -- had grew by 4.2 percent in December and 7.4 percent in November this financial year.
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A strong GDP reading could lift domestic shares, and boost the rupee, which has been Asia’s second weakest currency this year, losing about 1.6 percent against the dollar.
The output growth for the month under review is highest since October 2016, when these core sectors had witnessed 7.1 percent rise
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Coal production increased by 10 percent in March 2017 (2.5 percent a year ago) and steel by 11 percent (7.8 percent)
Commenting on the data, rating agency ICRA said: "We expect the IIP to post a subdued volume growth in February 2017."
The government’s statisticians should connect the missing dots and explain the numbers
The sectors of coal, cement and electricity grew by 13.4 per cent, 10.3 per cent and 12.6 per cent, respectively, in the month under review
According to the data released by the government, the output of eight infrastructure industries in April-November grew by a mere 2.5 percent against 6.7 percent in the same period of the last fiscal.
Eight core industries grew at a slower pace of 2.1% in August, as against 3.8% in the same month last year due to negative growth in crude oil, natural gas, fertiliser and cement.