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India’s core sector growth at 6.8% in February (IIP)

India’s core sector industries’ output grew 6.8% year on year in February, government numbers revealed.

The eight industries have a combined weight of 37.90 per cent in India’s Index of Industrial Production (IIP). The combined Index was 145.6 in February 2012.

It had grown 6.4% Growth in February 2011. The growth is significantly higher than the average of 4.4% seen during the financial year so far (April to February) and is likely to be seen as a welcome development.

India has seen industrial growth dip over the last five months, due to high interest rates and overall economic uncertainty on a global scale.

Sector Highlights:

Coal
Coal production (weight: 4.38%) registered a growth of 17.8% in February 2012 compared to its growth at (-) 5.8% in February 2011. However, in cumulative terms Coal production had a growth of 0.4% during April-February 2011-12 compared to its growth at (-) 0.1% during the same period of 2010-11.

Crude Oil
Crude Oil production (weight: 5.22%) registered a growth of 0.4% in February 2012 compared to its growth at 12.2% in February 2011. Cumulatively Crude Oil production registered a growth of 1.4% during April-February 2011-12 compared to its growth at 11.9% during the same period of 2010-11.

Natural Gas
Natural Gas production (weight: 1.71%) registered a growth of (-) 7.6% in February 2012 compared to its growth at (-) 7.3% in February 2011. Natural Gas production registered a cumulative growth of (-) 8.8% during April-February 2011-12 compared to its growth at 12.3% during the same period of 2010-11.

Petroleum Refinery Products (0.93% of Crude Throughput)*
Petroleum refinery production (weight: 5.94%) had a growth of 6.2% in February 2012 compared to its growth at 3.2% in February 2011. In cumulative terms Petroleum refinery production registered a growth of 3.4% during April-February 2011-12 compared to its 2.5% growth during the same period of 2010-11.

Fertilizers
Fertilizer production (weight: 1.25%) registered a growth of 4.1% in February 2012 against its growth at 4.8% in February 2011. Cumulatively Fertilizer production had a growth of 0.3% during April-February 2011-12 corresponding to (-) 0.3% growth during the same period of 2010-11.

Steel (Alloy + Non-Alloy)
Steel production (weight: 6.68%) had a growth rate of 4.3% in February 2012 against its 18.5% growth in February 2011. Cumulatively Steel production had a 6.8% growth during April-February 2011-12 compared to its 9.2% growth during the same period of 2010-11.

Cement
Cement production (weight: 2.41%) registered a growth of 10.8% in February 2012 against its 6.5% growth in February 2011. The cumulative growth of Cement Production was 6.4% during April-February 2011-12 compared to its 4.3% growth during the same period of 2010-11.

Electricity
Electricity generation (weight: 10.32%) had a 8.0% growth in February 2012 compared to its 7.2% growth in February 2011. Electricity generation on the other hand had a cumulative growth of 8.6% during April-February

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