Next Article
India's core industries grew by 1.7% in June: Details here
India's key infrastructure sectors grew by 1.7% in June 2023, mostly thanks to steel, cement, and refinery products.
These eight core industries make up about 40% of the country's industrial output.
While it's a step forward, growth was much stronger last year at 5%, so things are moving a bit slower now.
Manufacturing sector is holding up well
Even with this slowdown, India's manufacturing sector is holding up well. The HSBC India Manufacturing PMI hit a 14-month high in June, showing strong demand and more new orders.
Still, overall industrial growth has been sluggish lately—May saw just a 1.2% rise, the slowest in nine months—mostly due to weaker manufacturing and dips in mining and electricity output.