Core sector growth slows to 2.3% in May, lowest in 4 months
Quotes

Core sector growth slows to 2.3% in May, lowest in 4 months

Last Updated: Monday, June 30, 2014, 20:59
 
 Comment 0
 
Core sector growth slows to 2.3% in May, lowest in 4 months
New Delhi: The growth rate of eight core sector industries decelerated to a four-month low of 2.3 percent in May due to a decline in crude oil, natural gas, refinery products and steel production.

The infrastructure industries had registered a 5.9 percent growth in May 2013.

Segments that recorded negative growth last month were crude oil (-0.3 percent), natural gas (-2.2 percent), refinery products (-2.3 percent) and steel (-2 percent).

However, according to the data released by the Ministry of Commerce and Industry, the output of coal, fertilisers, cement and electricity went up by 5.5 percent, 17.6 percent, 8.7 percent and 6.3 percent, respectively.

During April-May, growth in the eight core industries slowed to 3.3 percent as against 4.9 percent in the year-ago period.

In April, the core sectors grew by 4.2 percent. The growth in May was the slowest since January, when it was 1.6 percent.

The eight core industries have a combined weight of about 38 percent in the Index of Industrial Production.

Rating agency ICRA, an associate of Moody's Investors Service, said that deterioration in the performance of steel and electricity relative to the previous month were largely responsible for dip in the growth.


PTI

First Published: Monday, June 30, 2014, 20:59


Comments


comments powered by Disqus
BRICS Annual Summit 2014
BRICS Annual Summit 2014
Tata Zest Standout Features: In Pics
Tata Zest Standout Features: In Pics
New car launches in July
New car launches in July
Tata Zest first drive review: In pics
Tata Zest first drive review: In pics
Google I/O 2014
Google I/O 2014

Web Wrap
Contact Us : Privacy Policy : Legal Disclaimer
Copyright © Zee Media Corporation Ltd. All rights reserved