Eight Core Sector Growth Slows Down By 0.1% In Oct

India's core sector growth dropped to 0.1 per cent in October in comparison to 8.7 per cent in the same month last year, according to government statistics released on Wednesday. In September, the core sector's output growth stood at 7.8 per cent.

ICI measures the combined and individual performance of production in selected eight core industries coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity.

Cement, natural gas, refined goods, and crude oil production all had a negative increase in October. 

However, compared to the same month last year, the production of fertilisers, steel, coal, and electricity rose in October 2022. In comparison to FY22, production decreased in all industries in FY23.

The index of eight core industries' final growth rate for July 2022 was revised from its preliminary estimate of 4.5 per cent to 4.8 per cent. 

Up through October of FY23, the eight main industries saw cumulative growth of 8.2 per cent (YoY). The cumulative growth in the equivalent months of FY22 was 15.6 per cent.

The cement industry had the greatest decline. In October 2022 compared to October 2021, cement production fell by 4.3 per cent. It increased by 12.4 per cent over the same time period in FY22.

In comparison to the same period last year, its cumulative index rose by 8.6 per cent from April to October.