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  • DAILY CURRENT AFFAIRS:Steel-cement at the forefront of performance of basic industries

Steel-cement at the forefront of performance of basic industries

Tags: Economics/Business

The Office of Economic Advisor, Department for Promotion of Industry and Internal Trade has released the data of eight core industries in the month of March. According to these data, the growth rate of the index of eight core industries during April-March 2021-22 has been 10.4% as compared to the corresponding period of the previous financial year.

  • The index for eight core industries stood at 157.3 in March 2022, an increase of 4.3 per cent over March 2021. The growth rate of the index of basic industries has increased from 3.8% to 4.1%.

  • Shows the performance of the Coal, Crude Oil, Natural Gas, Refinery Products, Fertiliser, Steel, Cement and Electricity industries in the eight core industries.

Production of six out of eight core industries increased:

  • These figures show that the production of natural gas, refinery products, fertilisers, steel, cement and electricity increased across industries in March 2022 as compared to the same period last year.

  • According to PIB data, natural gas production grew by 7.6 per cent in March 2022. Similarly, petroleum refinery production grew by 6.2 per cent in March.

Increase in Steel Production:

  • According to government data, fertilizer production grew by 15.3 percent in March 2022. Steel production grew by 3.7 percent in March 2022. Cement production grew by 8.8 per cent in March 2022 while electricity generation grew by 4.9 per cent in March 2022.

  • On the other hand, coal production declined by 0.1 per cent in March 2022. At the same time, the production of crude oil also decreased by 3.4 percent in March 2022. The Index of Industrial Production (IIP) or factory output was up 1.7 per cent in February, compared to 1.3 per cent in January.

Data : PIB

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