India’s core sector growth drops to a 16-month low in November
The growth of eight infrastructure sectors slowed down to 3.5 percent in November, the lowest in the last 16 months, dented by a slump in the production of crude oil and fertilizers. The eight core industries, which comprise 40.27 percent of the weight of items included in the Index of Industrial Production (IIP), was recorded at 6.9 percent in November last year, showed data published by Ministry of Commerce & Industry.
- The growth in the eight core sectors of the economy fell to a 16-month low of 3.5 percent in November, after it had hit a three-month high of 4.8 percent in October.
- The cement production saw growth reduce by more than half in November.
- The steel sector, the output registered a 6 percent rise in November. The 3.7 percent growth in coal production was a three-month low.
- The growth in electricity generation also halved to 5.4 percent in November.
- The Crude oil output contracted by 3.5 percent.
- The natural gas production managed to barely make it back to the growth charts with 0.5 percent
- The output of the fertilizer sector contracted by a significant 8 percent.