Core Sector Industries Achieve 3.1% Growth in October

New Delhi, Nov 29 (NationPress) India's core sector, encompassing industries like coal, electricity, steel, and cement, recorded a growth of 3.1% in October, as indicated by data released by the Commerce Ministry on Friday.

This marks an increase in growth from the 2% observed in September of this year.

The overall growth rate of the Index of Eight Core Industries (ICI) for the period from April to October 2024-25 stands at 4.1%, compared to the same timeframe last year.

Notably, coal production surged by 7.8% in October 2024 when compared to October 2023.

Steel production saw an uptick of 4.2% in October 2024 relative to the previous year, while cement output increased by 3.3% over the same period, spurred by rising demand linked to construction projects and a revitalized real estate sector.

Fertiliser production also demonstrated a modest growth of 0.4% in October this year versus the same month last year.

Electricity generation, which constitutes 19.85% of the index's weight, grew by 0.6% in October 2024 compared to the previous year.

Meanwhile, Petroleum Refinery production, which holds a weight of 28.04% in the index, increased by 5.2% in October 2024 over the same month last year, reflecting heightened economic activity in the transport sector.

The cumulative index saw a rise of 2.7% during April to October 2024-25 compared to the same period last year.

However, there was a notable decline in crude oil production, which fell by 4.8% compared to October of last year. Natural Gas production also decreased by 1.2% in October relative to the previous year.

The final growth rate of the ICI for July 2024 is recorded at 6.3%.

The Eight Core Industries account for 40.27% of the weight of items included in the Index of Industrial Production (IIP), thus serving as a barometer for overall industrial growth.