January core sector growth at 7.8%, up from December

Core sector growth in December stood at 7 percent (Representative image)

The core sector growth in January came in at 7.8 percent, which is up from a 7 percent growth recorded in December, as per the data released by the Ministry of Commerce & Industry on February 28.

A sharp surge in the output of three segments - coal, fertiliser and electricity - aided the higher growth in January, the data showed.

The biggest jump was recorded in the electricity sector, where the production increased by 17.9 percent, followed by a 13.4 percent increase in coal production and 12 percent in fertriliser.

The increase in the output of steel sector during January was 6.2 percent, natural gas 5.3 percent, cement 4.6 percent and petroleum refinery products 4.5 percent.

Out of the eight core sectors, the only one which recorded a negative production rate was crude oil. The output in this segment declined by 1.1 percent, as compared to January 2022.

The numbers would also have a bearing on the total index of industrial production (IIP), as the eight core sectors carry a 40.27 percent weightage in the overall numbers.

For the 10-month period of April-January, the core sectors cumulatively grew by 7.9 percent, as compared to the corresponding period of the last fiscal.

A positive growth in the core sectors, as seen in November, December and January, reflects an uptick in the country's industrial production. In comparison, the output in the eight key sectors had declined by 0.1 percent in October.