India’s Core Sector Growth Accelerates to 6.2 Per Cent in April

India’s key infrastructure sectors experienced a significant surge in growth, reaching 6.2 per cent in April, driven by healthy expansions in the production of natural gas, refinery products, and electricity. This growth, as reported by the Commerce Ministry, marks a notable uptick from the 6 per cent growth recorded in March.

Sectoral Highlights

• Cement: Cement production saw a modest increase of 0.6 per cent in April 2024 compared to April 2023. The cumulative index for cement production rose by 9.0 per cent during the 2023-24 period compared to the previous year.
• Coal: Coal production witnessed a robust growth of 7.5 per cent in April 2024 over the same period last year. The cumulative index for coal production increased by 11.8 per cent during the 2023-24 period compared to the previous year.
• Crude Oil: Crude oil production showed a slight increase of 1.6 per cent in April 2024 compared to April 2023. The cumulative index for crude oil production rose by 0.6 per cent during the 2023-24 period compared to the previous year.
• Electricity: Electricity generation surged by 9.4 per cent in April 2024 over April 2023. The cumulative index for electricity generation increased by 7.1 per cent during the 2023-24 period compared to the previous year.
• Fertilisers: Fertiliser production experienced a decline of 0.8 per cent in April 2024 compared to April 2023. The cumulative index for fertiliser production increased by 3.7 per cent during the 2023-24 period compared to the previous year.
• Natural Gas: Natural gas production saw a robust growth of 8.6 per cent in April 2024 over April 2023. The cumulative index for natural gas production increased by 6.1 per cent during the 2023-24 period compared to the previous year.
• Petroleum Refinery Products: Petroleum refinery production increased by 3.9 per cent in April 2024 over April 2023. The cumulative index for petroleum refinery production rose by 3.6 per cent during the 2023-24 period compared to the previous year.
• Steel: Steel production exhibited strong growth of 7.1 per cent in April 2024 compared to April 2023. The cumulative index for steel production increased by 12.4 per cent during the 2023-24 period compared to the previous year.

Overall Contribution

These eight core sectors collectively contribute 40.27 per cent to the country’s Index of Industrial Production (IIP), underscoring their significance in India’s industrial landscape.

Conclusion

The robust growth witnessed across key infrastructure sectors in April signals positive momentum in India’s industrial growth trajectory. Despite challenges posed by the pandemic and other global uncertainties, the resilience and adaptability of these sectors bode well for India’s economic recovery and future prospects. Continued focus on infrastructure development and conducive policy measures can further strengthen the foundation for sustained growth and resilience in the Indian economy.