BW Communities

Core Sector Growth Slows To 4.6% In May

BW Online Bureau Nov 08, 2014

<?xml version="1.0" encoding="UTF-8"?><root available-locales="en_US," default-locale="en_US"><static-content language-id="en_US"><![CDATA[Reflecting slowdown in the economy, the growth rate of eight infrastructure sectors slowed to 4.6 per cent in May due to poor performance of crude oil, natural gas and fertiliser. The core industries that also include coal, electricity, cement, petroleum refinery products and finished steel, and carry 37.9 per cent weight in the Index of Industrial Production (IIP), had grown by 5.8 per cent in May last year. The cumulative growth rate of infrastructure industries during April-May 2012 also slowed down to 4.2 per cent, from 5 per cent in the same period last year, according to the data released today by the Ministry of Commerce and Industry today. Natural gas and fertiliser output contracted by 10.8 per cent and 15.1 per cent respectively during May. Petroleum refinery products and crude oil production slowed down to 2.9 per cent and 0.5 per cent, from 4.5 per cent and 9.8 per cent respectively during May 2011. Steel and electricity production too declined to 4.9 per cent and 5.2 per cent in May, from 8 per cent and 10.3 per cent in May 2011 respectively. However, cement and coal production grew 22.1 per cent and 8 per cent during the month under review, over May last year. (PTI)