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India's Core Industry Growth Slows to 2.3% in Feb
20 Mar
Summary
- Core industries grew at 2.3% in February, down from 4.7% in January.
- Crude oil and petroleum refinery products significantly impacted growth.
- Steel and cement production saw positive growth figures last month.
India's industrial output faced a slowdown in February, with its core industries registering a growth of 2.3%. This marks a decrease from the revised 4.7% growth recorded in January. The primary factors contributing to this deceleration were negative performances in crude oil and petroleum refinery products.
Several key sectors experienced declines. Crude oil production fell by 5.2% year-on-year in February, and natural gas production decreased by 5.0%. Petroleum refinery production also saw a slight dip of 1.0%.
In contrast, some sectors showed resilience and positive momentum. Steel production surged by 7.2% year-on-year, and cement production saw an impressive increase of 9.3% in February.
Fertilizer production also contributed positively with a 3.4% year-on-year increase. Electricity generation, while slower, grew by 0.5% year-on-year. Coal production saw a modest increase of 2.3%.
