India's core sector growth slows to 2.3% in February
What's the story
India's core sector growth has slowed down to 2.3% in February, from a revised 4.7% in January, government data released on Friday showed. The slowdown is mainly attributed to crude oil, natural gas and petroleum refinery products, and weaker electricity generation. Coal production increased by 2.3% year-on-year (YoY) last month while steel and cement production showed positive growths of 7.2% and 9.3%, respectively, during the same period under review (YoY).
Sectoral performance
Performance of other key sectors
Crude oil production declined by 5.2% YoY in February, while natural gas production also fell by 5% during the same period. This marks a continuation of the downward trend in these sectors. Petroleum refinery products also saw a contraction, declining by 1% in February after remaining flat in January. The data highlights the mixed performance across different sectors within India's core industries.
Production trends
Fertilizer production increased by 3.4% YoY
Fertilizer production increased by 3.4% YoY in February, slightly lower than the 3.7% increase recorded in January. The data indicates that while some sectors like steel and cement are performing well, others such as fertilizer are witnessing a slight dip in growth rates. This highlights the varying performance of different industries within India's core sector during this period under review (YoY).