February core sector growth hits 4-month high of 5.8% | India News - Times of India

February core sector growth hits 4-month high of 5.8% | India News – Times of India

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NEW DELHI: The output in eight key core sectors rose to a four-month high in February propped up by the low base effect and strong performance in steel, cement, coal, natural gas, refinery products and electricity segments.
Data released by the department for promotion of industry and internal trade (DPIIT) on Thursday showed the 8 infrastructure sectors spanning coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity, rose an annual 5.8% in February compared to 4% in January and a contraction of 3.3% in the year ago month. Oil and fertilisers were the only sectors which witnessed contraction.

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The eight core industries comprise 40.1% of the weight of items included in the index of industrial production (IIP). The data for IIP will be released later this month. “Steel and cement have grown by 5.7% and 5% respectively with infra push being given by the government and an uptick seen in the construction industry.
The March growth number could turn negative as growth was 12.6% last year. For Feb, IIP growth may be expected to be in the region of around 3%,” said Madan Sabnavis, chief economist at Bank of Baroda.



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