Core sector records 2.4% growth in July
Core sector growth in July on a year-on-year (YoY)
basis was just 2.4% due to a low base in sectors including steel and
electricity.
The performance of eight core industries – which
comprise 40.27 % of the weight of items included in the Index of Industrial
Production (IIP) – in July 2017 was higher than 0.8% in June 2017, but lower
than 3.1% recorded in July 2016. Its cumulative growth during April to July,
2017-18 was 2.5%.
The modest uptick in core sector growth in July 2017
relative to the previous month was driven by a favourable base effect for
steel, cement, fertilizers and electricity. Nevertheless, half of the eight
constituents recorded a YoY contraction in July 2017, namely, refinery
products, crude oil, cement and fertilisers.
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