India’s core sector growth rose by 3.8 per cent year-on-year (Y-o-Y) in March from an upwardly revised figure of 3.4 per cent in February, according to data released by the Ministry of Commerce and Industry on Monday. The growth was kept in check by a high base effect. In March 2024, core sector growth had stood at 6.3 per cent.
The growth in March was led by the electricity sector (6.2 per cent), followed by steel (7.1 per cent), and cement (11.6 per cent).
The core sector represents an index of eight main industries that measures the combined and individual performance of coal, crude oil, natural gas, refinery products, fertilisers, steel, cement, and electricity. These industries comprise 40.27 per cent of the weight of items included in the Index of Industrial Production (IIP).
In March, output decelerated in coal (1.6 per cent), refinery products (0.2 per cent) and fertilisers (8.8 per cent).
Meanwhile, the output in crude oil (-1.9 per cent) remained in contraction for the third successive month. Output in natural gas (-12.7 per cent) remained in contraction for the ninth successive month.