New Delhi: Manufacturing of the eight infrastructure sectors grew 7.9% in September. The highest in 3 months as the coal, fertilizer, cement and electricity sectors tend to improve. Based on official data released on Monday.
in September last year The growth rate was 5.4% at 4.1 percent in August. The previous highest level was in June when output grew 13.1 percent.
Production growth in eight infrastructure sectors – coal, crude oil, natural gas, refinery products, fertilizer, steel, cement and electricity – was 9.6% in the April-September fiscal period, compared with 16.9 percent last year.
Coal, fertilizer, cement and electricity output in September increased by 12 percent, 11.8 percent, 12.1 percent and 11 percent, respectively.
Refinery output rose 6.6 percent, compared with 6% in the same month last year.
However, crude oil and natural gas production contracted by 2.3 percent and 1.7 percent respectively in the month under consideration.
Commerce and Industry Minister Piyush Goyal tweeted: “The reason India is called a global bright spot is the strength of its core industries. The output of the eight major industries in September grew 7.9%.”
Aditi Nayar, ICRA Ltd’s chief economist, commented on the data. After two months of audits, core sector growth rebounded strongly at 7.9% in September.
With this growth, “we expect the IIP (Industrial Manufacturing Index) to return to a modest level of 4-6% YoY (YoY) that month on an unexpected contraction in August 2022,’ she said. supplement
IIP data for September is expected to be released by the government in the second week of November.
Eight major industries contribute 40.27% in IIP.