- India's eight core industries grew 5.4% year-on-year in July 2023
- Growth moderated from 6% recorded in June 2023 for core industries
- June growth rate was revised upward to 6% from the earlier 5%
India's eight core industries recorded cumulative growth of 5.4% year-on-year in July, moderating from 6% growth in the preceding month, according to data released by the Ministry of Commerce and Industry on Thursday under the new series with 2022-23 as the base year.
The ministry revised the June growth rate for the core sector to 6% from the earlier reported 5%. Despite the moderation in July, growth across the core industries remained broad-based, with cement, iron ore and petroleum refinery registering strong expansion during the month.
Among the eight core sectors, cement production recorded the strongest growth at 13.1% year-on-year in July. In June the growth stood at 9.9%. Electricity output decreased to 9% from 11.4% in June, while coal production rose 7.6% from 1.4% in June. Fertiliser output declined to degrowth of 8% during the month from a degrowth o 3.3%.
Iron ore production surged 29.5% year-on-year in July, reflecting strong growth in mining activity. However it fell from 44.5% in June. Steel output, rose at a more modest pace of 2.9%, down from 5.6% in June. On the other hand, petroleum refinery products output increased 2.7% after a degrowth of 4% in June.
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Natural gas production saw degrowth of 3.7% year-on-year in July, however it is better than the degrowth of 4.8% in June while crude oil output declined 5.3% from a degrowth of 4.2% in the preceding month.
On a cumulative basis, the eight core industries grew 4.3% during April-July, compared with growth of 1.5% in the corresponding period of the previous year. The sharp improvement in the cumulative performance indicates that core-sector activity has gained momentum during the early months of the current financial year.
Notably, the Ministry of Statistics and Programme Implementation (MoSPI) has revised the base year for Index of Industrial Production (IIP) from 2011–12 to 2022–23. This is the third set of data under the revised base year.
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