New Delhi, November 29 (IANS). The growth rate of industries in major sectors of India was 3.1 percent in October. This information was given by the Commerce Ministry on Friday.
Major industries include coal, electricity, steel and cement.
There has been a jump in the growth of major industries in October as compared to 2 percent growth in September.
The cumulative growth rate of Index of Eight Core Industries (ICI) between April to October of the current financial year has been 4.1 percent as compared to the same period last year.
Coal production increased by 7.8 percent in October 2024 compared to October 2023.
Steel production increased by 4.2 percent in October 2024 compared to October 2023, while cement production increased by 3.3 percent in the same period. The reason for this is the construction of big infrastructure projects and surge in construction activities.
Fertilizer production also registered an increase of 0.4 percent in October this year compared to the same month last year.
Electricity generation, which has 19.85 per cent weight in the index of core industries, increased by 0.6 per cent in October 2024 compared to October 2023.
Petroleum refinery production, which has 28.04 per cent weighting in the index, increased by 5.2 per cent in October, 2024 compared to the same month last year, reflecting higher levels of economic activity in the transportation sector.
Crude oil production during October declined by 4.8 percent compared to the same month last year. At the same time, natural gas production also declined by 1.2 percent compared to October last year.
ICI’s final growth rate for July 2024 is 6.3 percent.
The share of eight major industries in the Index of Industrial Production (IIP) is more than 40 per cent and hence gives an indication of overall industrial growth.
–IANS
ABS/CBT
