Core sector growth slowed to 2.5 per cent in March from 7 percent in the same month a year ago as output of crude oil, natural gas and fertiliser declined.
The eight core industries -- fertilisers, cement, steel, electricity, crude oil, coal, petroleum refinery products and natural gas -- have a combined weight of about 38 per cent in the Index of Industrial Production.
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For 2013-14, core sector growth slowed to 2.6 per cent from 6.5 per cent in 2012-13, according to data released by the Ministry of Commerce and Industry.
In March, crude oil, natural gas and fertiliser output fell 1.6 per cent, 9.3 per cent and 6.1 per cent, respectively.
Growth in the production of coal, petroleum refinery products and steel slowed to 0.7 per cent, 2.8 per cent and 5.4 per cent in March as against 1.7 per cent, 24.3 per cent and 11.6 per cent a year earlier, respectively.
Cement output was unchanged in March. Only electricity generation increased to 5.4 per cent from 3.5 per cent in March 2013.
In January and February, the eight sectors grew by 1.6 per cent and 4.5 per cent, respectively.
Below is verbatim transcript of CNBC-TV18's Latha Venkatesh's analysis of the numbers
It is largely very mediocre news. For the month of March itself the growth has been 2.5 percent. However, perhaps the positive way to look at it is the March of 2013 was a very strong month, which saw a 7 percent growth and therefore on a high base the 2.5 percent doesn't look too bad.
If you looked at each of the production units, coal for instance, the index has increased by almost 20 percent. Likewise, you are also seeing a decent amount of improvement in steel. March always looks better than February because there are more number of days of production and most companies push to the limit in March so as to get the good year end figure. So, comparing March over February would be unfair.
A year-on-year comparison is the way to look at it and there it is a mediocre 2.5 percent March over March. Since it is March you also have the full year. FY14 has seen a measly growth of 2.6 percent which is the lowest in many years. I think it would be the lowest in perhaps 11 years as far as the core sector performance is concerned.
The previous lowest year was the Lehman year. Even then we generated a growth of 2.8 percent. This is something like 11 or 12 year low as far as the core sector performance is concerned. One hopes we will better it in FY15.
(With inputs from PTI)
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