Aided by a strong show from coal, cement and electricity sectors, the country’s eight core industries’ output rebounded from a two-month dip to record robust growth of 5.4 per cent in November. This compares to the 3.2 per cent growth registered in the same month last year.

Sequentially, too, the latest output growth print is a beat (October 2022 print: 0.9 per cent), official data released on Friday showed.

Movers and shakers

For the April-November 2022 period, the eight core industries’ output grew 8 per cent, lower than 13.9 percent growth recorded in same period last year. For the month under under review, five of the eight core industries remained in growth territory — coal (12.3 per cent), fertilizers (6.4 per cent), steel (10.8 per cent), cement (28.6 per cent) and electricity (12.1 per cent).

Crude oil, natural gas and refinery products saw contraction of -1.1 per cent, -0.7 per cent and 9.3 per cent, respectively.

The Commerce and Industry Ministry has also now revised upwards the final growth rate of index of eight core industries for August 2022 to 4.2 per cent from 3.3 per cent earlier.

Madan Sabnavis, Chief Economist, Bank of Baroda, told businessline, “Recovery in infrastructure industries is a positive sign for economy. A low base effect helped in cement and steel, which was supplemented by the increase in construction activity and automobile sector. The fuel component was down due to lower growth in exports. We need to see how these rates stack up in the coming months. The IIP growth would range between 2-3 per cent this month.”

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