Core sector growth quickens in February

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  1. According to the Government data,India’s eight core industries grew by 2.1% in February 2019.It is due to fall in output of crude oil and refinery products.
  2. The eight core sectors which include (a)coal, (b)crude oil (c)natural gas (d)refinery products (e)fertilizers (f)steel (g)cement and (h)electricity had recorded a growth of 5.4% in February 2018.
  3. The data on core sector growth will also have an impact on the Index of Industrial Production (IIP) as these segments account for about 40% of the total factory output.
  4. IIP denotes the level of economic activity in different sectors, including manufacturing, mining and power.It measures actual production output across the industrial sector.Within IIP,there are 8 core industries which comprise 40% of the weight of items included in IIP.
  5. IIP is calculated by the Central Statistical Office (CSO) under the Ministry of Statistics and Program Implementation.The base year for calculating IIP is 2011-12.