Core sector grows 2.9% in March

Written by feBureau | New Delhi | Updated: May 1 2013, 09:23am hrs
A spurt in the output of cement, steel and petroleum refinery products led to a 2.9% increase in the growth of eight core industries in March 2013, with the combined index standing at 164.5 in the month. The core sector grew 3% in March 2012.

The eight core industries of coal, crude oil, natural gas, petroleum refinery products, fertilisers, steel, cement and electricity- have a combined weight of 37.9% in the Index of Industrial Production (IIP). The growth in the core industries will reflect in the IIP numbers of March, which will be released in the second week of next month.

The marginal decline in growth in March was on account of negative growth witnessed in the production of natural gas, said a commerce ministry statement.

During April-March 2012-13, the cumulative growth rate of the core industries was 2.6% compared to their growth at 5% during the corresponding period in 2011-12.