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India’s eight key sectors grow at 3.6% in March, five-month low – Asia News

Representative image. Photo: PTI

Output in eight infrastructure sectors in India registered a growth of 3.6% in March 2023, the slowest pace since October, government data released on Friday, April 28 showed.

Production in key sectors rose 7.2% in February from 4.8% in the previous month. Earlier it was 0.7% in October 2022.

Crude oil production fell by 2.8%, power by 1.8% and cement by 0.8% in March this year, PTI reported citing official data.

On the other hand, coal production increased by 12.2%, fertilizers by 9.7%, steel by 8.8%, natural gas by 2.8% and refined products by 1.5%.

The growth rate of eight infrastructure sectors – coal, crude oil, natural gas, refined products, fertilizers, steel, cement and power – was 7.6% in FY23, as against 10.4% recorded in 2021-22.

Sunil Sinha, Chief Economist, India Ratings and Research, told News: “Ind-Ra believes that growth in the infrastructure sector will come under pressure in the current fiscal due to weakening global and domestic demand. As a result, the agency expects the base sector’s annual growth to be 5% in FY24. expecting

“The base sector growth slowed to a five-month low of 3.6% year-on-year from 7.2% in February 2023, which was so broad that only coal and crude oil showed sustained improvement,” Aditi Nair, ICRA’s chief economist, told Mint.

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“Production of some sectors may have been affected by seasonal rains such as power and cement, which showed year-on-year contraction along with crude oil in March 2023. At the same time, coal, fertilizers and steel showed a healthy expansion of over 8% in March 2023, which is encouraging,” he added.

Production in key sectors rose 7.2% in February from 4.8% in the previous month. Earlier it was 0.7% in October 2022.

The annual behavior of most high-frequency indicators weakened in March 2023 compared to February 2023, similar to the trend of the main sector, he explained to this newspaper.

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The basic sector or core infrastructure industries have a weightage of 40.27% in the general index of industrial production.

The article was republished from The Wire as part of an agreement between the two parties to share content. Link to original article:https://thewire.in/economy/eight-core-sector-industries-post-3-6-growth-in-march-slowest-in-five-months

The Wire is an Indian non-profit news and opinion website publishing in English, Hindi, Marathi and Urdu. It was founded in 2015 by Siddharth Varadarajan, Siddharth Bhatia and MK Venu and is organized as a non-profit organization called Foundation for Independent Journalism.

Wire and Reporte Asia have an agreement to translate and exchange content.