Industry & Economy
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Economy
Cement, steel slowdown hits core sector growth
Our Bureau
New Delhi
,
July 22
A SLOWDOWN in cement and finished steel production has led to core sector growth floundering in June.
The official index of six infrastructure industries during the month registered a year-on-year increase of 3.2 per cent, as compared to the 5.6 per cent growth recorded in June 2003.
The overall core sector growth during the April-June 2004 quarter, however, worked out still higher, at 5.4 per cent, against the previous year's corresponding cumulative figure of 4.7 per cent. This was on account of higher growth rates registered during the months of April (9 per cent versus 4.5 per cent) and May (5.1 per cent versus 4.1 per cent).
For June 2004, the year-on-year growth rates were higher at 10.8 per cent for refined petro-products (4.7 per cent in June 2003), 1.1 per cent (one per cent) for crude petroleum and 7.4 per cent (4.5 per cent) for coal, while being lower for electricity (4.2 per cent against 5.5 per cent), cement (minus 4.3 per cent against 10.2 per cent) and finished steel (1.6 per cent versus 6.7 per cent).
The overall April-June quarter growth rates, too, stood lower this year in the case of cement (2.8 per cent versus 5.2 per cent) and steel (2.7 per cent versus 9.1 per cent), even as crude petroleum (6.1 per cent against minus 2.1 per cent), refined petro-products (12.6 per cent against 3.6 per cent), coal (6.5 per cent against 4 per cent) and electricity (5.8 per cent against 4.2 per cent) have performed relatively well.
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