The output of India's eight core industries grew by 8.2% in June 2023, the highest in five months. This was driven by a strong performance in the coal, cement, and steel sectors. The growth was also supported by a capital expenditure push by the central and state governments.
Here are the details of the growth of each core industry in June 2023:
- Coal: 9.8%
- Crude oil: -0.6%
- Natural gas: 3.6%
- Refinery products: 4.6%
- Fertilizers: 3.4%
- Steel: 21.9%
- Cement: 9.4%
- Electricity: 3.3%
The growth of the core sector is a positive sign for the Indian economy. It suggests that the manufacturing sector is picking up and that investment is increasing. This is likely to boost economic growth in the coming months.
Here are some of the factors that are likely to support the growth of the core sector in the coming months:
- The government's focus on infrastructure development.
- The increase in capital expenditure by the central and state governments.
- The growth of the manufacturing sector.
- The improvement in the global economic environment.
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