In March this year, the eight core industries, ranging from coal to cement and steel to electricity, reached a commendable growth rate of 5.2 percent as compared to the corresponding period last year. Commerce and Industry Ministry released the data on Tuesday, giving light to the industry's performance.
Indeed, cement produced turned out to be a star performer, increasing by a remarkable double-digit growth of 10.6 percent, driven by increased demand from major infrastructure projects and a rebounding real estate sector. Steel production also increased by 5.5 percent in the period.
Coal sector jumped by a significant 8.7 percent during the month. Electricity generation increased by an admirable 8 percent.
Natural gas production improved by a respectable 6.3 percent while crude oil production rose by 2 percent. However, petroleum refinery production, on the other hand, faced a slight decline of 0.3 percent for the month.
Fertiliser production also came down by 1.3 per cent in March.
The cumulative growth rate of the index of the eight core industries for the full year 2023-24 now works out to 7.5 per cent as compared to the previous year. The Index of Industrial Production (IIP)'s core industries, which account for 40.27 percent of the total weight of products, provide insight into the rate of industrial growth overall.
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