Winning Bizness Desk

Mumbai. There is good news on the economy front. The growth rate of 8 major core sectors of the country has registered an increase in the month of November. The production of eight basic industries of the country has increased due to better performance of coal, fertilizer, steel, cement and power sectors and their production have increased by 5.4 percent in the month of November as compared to an increase of 3.2 percent in the same month a year ago. However, according to official data released on Friday, crude oil, natural gas and refinery production declined in November this year. The growth rate of eight basic industries was 0.9 percent in October. The growth rate of eight basic industries…coal, crude oil, natural gas, refinery products, fertiliser, steel, cement and electricity… stood at 8 per cent during April-November in the current financial year as against 13.9 per cent in the previous financial year.

Know in which sector how much growth has taken place

According to the data, coal production grew by 12.3 per cent year-on-year in November this year, fertilizer by 6.4 per cent, steel by 10.8 per cent, cement by 28.6 per cent and electricity by 12.1 per cent. The weightage of basic industries in the total Index of Industrial Production (IIP) is 40.27 percent. Due to this, its effect will also be seen on industrial production. The government may release the IIP data for the month of November in the second week of January 2023. The growth rate slowed down to 0.1 per cent in the month of October, which was the lowest level in 20 months. The growth rates in coal, steel and electricity production declined to 3.6 per cent, 4.0 per cent and 0.4 per cent, respectively. These figures have an impact on the Index of Industrial Production (IIP). The IIP figures for the month of October can be released by the government in the second week of December. The share of eight industries in IIP is 40.27 per cent.