Growth of these core sectors drop to 0.1% in October

India’s GDP growth: In comparison to 8.7% in the same month last year, India’s core sector growth dropped to 0.1% in October 2023, according to government statistics released on Wednesday. The core sectors’ output increase for September was 7.8%.

Between April and October of current fiscal year, production growth in eight infrastructure sectors — coal, crude oil, natural gas, refinery products, fertiliser, steel, cement, and electricity — was 8.2% compared to 15.6% a year earlier.

Cement, natural gas, refined goods, and crude oil production all had negative increase in October. However, compared to the same month last year, production of fertilisers, steel, coal, and electricity rose in October 2022. In comparison to FY22, production decreased in all industries in FY23.

The index of eight core industries’ final growth rate for July 2022 was revised from its preliminary estimate of 4.5 percent to 4.8 percent. Up through October of FY23, the eight main industries saw cumulative growth of 8.2%. (YoY). The cumulative growth in the equivalent months of FY22 was 15.6%.

The cement industry had the greatest decline. In October 2022 compared to October 2021, cement production fell by 4.3%. It increased 12.4% over the same time period in FY22. In comparison to the same period last year, its cumulative index rose by 8.6% from April to October.

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