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Core sectors of economy UPSC NOTE

 Recent updates - 

  • March Output Growth: The output growth of India's eight core infrastructure sectors moderated to 5.2% in March from 7.1% in February. High growth was observed in cement and electricity production, but this was offset by contractions in fertilisers and refinery products.

  • Annual Growth in 2023-24: For the full year 2023-24, the core sectors recorded a growth of 7.5%, which is a three-year low compared to 7.8% in the previous fiscal year 2022-23. However, it marked the first time in at least 12 years that all eight sectors recorded annual growth.

  • Sector-wise Performance: Steel and coal witnessed double-digit upticks, while crude oil output rose after 11 years of contraction. However, fertilisers and refinery products contracted. Notably, all sectors recorded higher production levels compared with February.

  • Index of Core Industries (ICI): The ICI, which constitutes a little over 40% of the Index of Industrial Production (IIP), reached 173.3 in March, the highest print in at least seven and a half years. It was 9.9% higher than February levels.

  • Year-on-Year Growth: Six of the eight sectors recorded year-on-year growth. 

  • Fertilisers contracted for the third successive month, while refinery products shrank. Steel output grew at the slowest pace since July 2022, while natural gas and crude oil production rose.

  • Sector-wise Growth: Cement production and electricity generation rose at a five-month high pace, while coal output grew at the slowest pace since last June. However, coal production levels were significantly higher than February.

  • Annual Sector-wise Growth: In 2023-24, steel output witnessed the highest growth at 12.3%, followed by coal and cement production. Electricity generation recorded the slowest growth in three years, while natural gas output also increased.

  • Fertilisers and Refinery Products: Fertilisers and refinery products recorded modest growth rates of 3.7% and 3.4%, respectively, indicating subdued performance compared to other core sectors.



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Learnerz IAS | Concept oriented UPSC Classes in Malayalam: Core sectors of economy UPSC NOTE
Core sectors of economy UPSC NOTE
Learnerz IAS | Concept oriented UPSC Classes in Malayalam
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