Core sector growth slows to 0.5 per cent in January

Core sector industrial production in the country grew at a slow 0.5 per cent during January 2012, pulled down by a slackening of output of crude oil, steel, natural gas and petroleum refinery products.

The eight core industries comprising coal, crude oil, natural gas, petroleum refinery products, fertilisers, steel, cement and electricity had recorded a growth rate of 6.4 per cent in January 2011 and a 3.1 per cent growth in December 2011.

The index of the eight core sector industries having a combined weight of 37.90 per cent in the general index of industrial production (IIP), with base 2004-05=100, stood at 149.1 in January 2012, showing a growth of 0.5 per cent year-on-year.

During April-January 2011-12, the eight core sector industries showed a cumulative growth of 4.1 per cent against a growth of 5.7 per cent in the corresponding period of 2010-11.

Coal production recorded a growth of 7.5 per cent in January 2012 compared to a negative growth of (-) 1.3 per cent in January 2011. However, for the April-January period of the financial year, coal production showed a negative growth of (-) 1.5 per cent against a growth of 0.6 per cent during the same period of 2010-11.

Production of crude oil registered a negative growth of (-) 2.0 per cent in January 2012 compared to a growth of 10.8 per cent in January 2011. Cumulative growth of crude oil production stood at 1.5 per cent during April-January 2011-12 compared to its 11.9 per cent growth during the same period of 2010-11.