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India’s October factory output remains unchanged

Author: IANS/Friday, December 1, 2017/Categories: Economy

India’s October factory output remains unchanged

New Delhi - The output of India's eight major industries stood at a standstill in October, official data showed.

On a sequential basis, the "Index of Eight Core Industries" (ECI) for October grew by 4.7% same as it did in September when the ECI growth was revised downwards to 4.7% from an earlier reported rise of 5.2%.

However, on a year-on-year (YoY) level, it showed a downtrend, as ECI which represents the output of major sectors like coal, steel, cement and electricity had risen by 7.1% in the corresponding month of the previous year.

According to the data furnished by the Ministry of Commerce & Industry, the cumulative growth of the combined ECI during April to October 2017-18 was 3.5% from a rise of 5.6% during the same period of the last fiscal.

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

On a sector-specific basis, refinery production, which has the highest weightage of 28.03%, grew by 7.5% in October 2017 as compared with the corresponding month of last year.

Electricity generation, which has the second highest weightage of 19.85, rose by 2.1%.

Steel production, the third most important component with weightage of 17.92, increased by 8.4% during the month under review, while coal mining, with a 10.33 weightage, rose by 3.9% in October 2017.

However, extraction of crude oil, which has a 8.98 weightage, slipped by 0.4% 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 2.8%.

Conversely, cement production, which has a weightage of 5.37, decreased by 2.7% in October 2017.

Fertiliser manufacturing, which has the least weightage -- of only 2.63 -- rose by 3%.

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