Production of 8 basic industries slowed down in October, reaching a 20-month low

Core Industries Growth Slows: The rate of growth in the production of 8 basic industries of the country has weakened. Official figures have been released today on Wednesday. The growth rate in the production of these industries slowed down to 0.1 per cent in the month of October, which has reached the lowest level in 20 months. Crude oil, natural gas, refinery products and cement and electricity saw a reduction in production.

how much decline
According to official data, the growth rate of basic industries was 8.7 percent in the same month a year ago. On the other hand, in the month of September last month, the growth rate of basic industries was 7.8 percent. Earlier, in February 2021, the growth rate of 8 basic industries such as coal, crude oil, natural gas, refinery products, fertilizers, steel, cement and electricity had declined by 3.3 percent. The growth rate of basic industries stood at 8.2 per cent during April-October in the current financial year as against 15.6 per cent in the same period a year ago.

so low growth rate
According to the data released in the month of October, there has been a decline in the production of crude oil, natural gas, refinery products and cement sector. Also registered an increase of 5.4 percent in fertilizer production. Also, the growth rate in coal, steel and electricity production has come down to 3.6 per cent, 4.0 per cent and 0.4 per cent respectively.

don’t know where the effect will be
It is known that these figures have an impact on the Index of Industrial Production (IIP). The IIP figures for the month of October can be released by the government in the second week of December. The share of 8 industries in IIP is 40.27 percent.

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View 3 Months Data
In the April-June quarter of the current financial year, the production of 8 basic industries has increased by 13.7 percent. Before this, it was 26 percent in the same quarter of the previous financial year 2021-22. The share of these 8 basic industries in the index of industrial production is 40.27 percent.

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