Core sector contractions dampens IIP hopes - Business Today

Home /BIZ WRAP /Economy /Story BT Online Bureau    New Delhi   Last Updated: April 1, 2013  | 20:52 IST In its worst ever performance in decades, the eight core industries shrank 2.5 per cent in February, dragged down by negative growth witnessed in electricity generation and in the production of crude oil, coal, natural gas and fertilizers. This drop would weigh on factory output as the eight core industries have a combined weight of 37.90 per cent in the Index of Industrial Production (IIP). The IIP numbers are scheduled to released on April 12. The core industries - coal, crude oil, natural gas, petroleum refinery products, fertilisers, steel, cement and electricity - had grown by 7.7 per cent in February, 2012. "The decline in growth in February, 2013 was on account of negative growth witnessed in electricity generation and in the production of crude oil, coal, natural gas and fertilisers," the Commerce and Industry Ministry said. The contraction was last seen in these industries in February 2001. The core sector (at that time have six industries only) had contracted by one per cent. During April-February 2012-13, the cumulative growth rate of the sector was 2.6 per cent against 5.2 per cent during the corresponding period in 2011-12. Petrol price cut by 85 paise per litre Rail fare to cost more from today India's March HSBC PMI slips to 16-month low Sharma hails SC verdict on Novartis plea FIIs pump in record Rs 1.4 lakh cr in FY13 Petrol price cut by 85 paise per litre via Business - Google News http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNHVvD5ZQHF-2S-3LvjCNlJdt6EAfg&url=http://businesstoday.intoday.in/story/core-sector-iip/1/193750.html

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