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News of relief for the economy: output of eight basic industries increased by 12.7 percent in June

Core Industries Growth: The output of eight basic industries grew by 12.7 per cent in June. It had increased by 9.4 per cent in the same month a year ago. According to official data released yesterday, the output of eight core industries – coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity – grew by 19.3 per cent in May 2022. The spurt in the growth rate of basic industries in the country can be inferred that pre-epidemic conditions are being restored in other activities including industrial ones.

Know the growth rate of basic industries
In June, coal, refinery products, fertilisers, cement and electricity production grew by 31.1 per cent, 15.1 per cent, 8.2 per cent, 19.4 per cent and 15.5 per cent, respectively. While crude oil production declined by 1.7 percent. Growth in natural gas and steel production slowed to 1.2 per cent and 3.3 per cent during the month under review.

Data for the last three months
According to the data, in the April-June quarter of the current financial year, the production of eight basic industries grew by 13.7 percent. It was 26 per cent in the same quarter of the previous financial year 2021-22. The share of these eight basic industries in the Index of Industrial Production is 40.27 percent.

what the experts say
Rating agency Icra’s chief economist Aditi Nair said coal, cement, refinery products and power generation grew in double digits during June, while steel and natural gas growth remained sluggish. He said that considering the slowdown in the growth rate of basic industries along with key data (GST collection, freight data, PMI etc.), we estimate the Index of Industrial Production (IIP) to be 11 to 13 per cent.

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