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Output of eight core industries rises in August

Author: IANS/Tuesday, October 3, 2017/Categories: Economy

Output of eight core industries rises in August

New Delhi, Oct 3 - Output of India's eight major industries expanded exponentially in August by 4.9% from a rise of 2.6% during the previous month, official data showed.

The Index of Eight Core Industries (ECI), representing the output of major industrial sectors like coal, steel, cement and electricity, had risen by 3.1% in the corresponding month of the previous year.

The ECI index carries 40.27% weightage of the Index of Industrial Production (IIP) which is the macro-gauge for India's factory output. 

"The combined Index of Eight Core Industries stands at 123.6 in August, 2017, which was 4.9% higher compared to the index of August, 2016," the Ministry of Commerce & Industry said in the summary of the ECI for August.

"Its cumulative growth during April to August, 2017-18, was 3%."

On a sector-specific basis, refinery production, which has the highest weightage of 28.03%, grew by 2.4% in August 2017 as compared with the corresponding month of last year.

Electricity generation, which has the second highest weightage of 19.85, rose by 10.3%.

Steel production, the third most important component with weightage of 17.92, increased by 3% during the month under review, while coal mining, with a 10.33 weightage, rose by 15.3% in August 2017.

However, extraction of crude oil, which has an 8.98 weightage, slipped by 1.6% during the month under consideration. ‘

On the other hand, the sub-index for natural gas output, with a weightage of 6.88, stood higher by 4.2%.

Conversely, cement production, which has a weightage of 5.37, decreased by 1.3% in August 2017.

Similarly, fertiliser manufacturing, which has the least weightage -- of only 2.63 -- dipped by 0.7%.

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rajyashree guha

IANS

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