India’s Core Industrial Output Grows 4.8% In August, Led By Cement, Electricity And Iron Ore Sectors
New Delhi, Sep 21: Driven by growth in sectors like cement, electricity, and iron ore, India’s core industrial activity grew by 4.8 per cent (provisional) in August on a year-on-year basis. The growth in the Index of Core Industries (ICI) was, however, slightly less than the growth rate of 5.0 per cent recorded in July (final index). According to a Commerce Ministry statement, cement,…
India's industrial output expanded 4.8% in August compared to the previous year, with sectors such as cement, electricity, and iron ore playing key roles in the growth. The Index of Core Industries (ICI) recorded this growth, although it was slightly lower than the 5.0% rate seen in July. Cement, electricity, iron ore, steel, and refinery products all saw growth, with the former three being the main contributors to the rise in industrial production.
Conversely, coal, natural gas, crude oil, and fertilisers experienced a decline in August. Over the course of April-August, the cumulative growth rate of ICI stood at 4.3%, slightly higher than the 2.4% increase in the same period last year. The final July index was revised downward from 121.2 to 120.8, and the annual growth rate for July was adjusted from 5.4% to 5.0%.
Despite the growth, the expansion of India's manufacturing sector was tempered by softer demand conditions. Business expectations remained positive, with 16% of survey participants anticipating higher output in the next year, while the rest were inclined to maintain steady output. Confidence levels also improved to their highest point since May but were still lower than usual.
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