In the month of March, there has been a decline in the growth rate of eight major core sectors. In March 2023, the core sector showed a growth rate of 3.6 percent, which was 6 percent in February 2023. According to the data released by the Ministry of Commerce, the production of Coal, Fertilizer, Steel, Natural Gas, and Refinery Products in March 2023 has increased as compared to the month of March of the year. While Crude Oil, Cement and Electricity Production have decreased during this period.
According to statistics, the growth rate of eight core industries has been 7.6 percent in the financial year 2022-23 as compared to the previous financial year. The production of coal, crude oil, natural gas, refinery products, fertilizer, steel, cement and electricity is measured in eight core industries.
Coal production in March 2023 has increased by 12.2 percent as compared to March 2022. Whereas in 2022-23, there has been a jump of 14.8 percent in the annual base index. There is a decline of 2.8 percent in the production of crude oil while the growth rate has declined by 1.7 percent on an annual basis. There has been a jump of 2.8 percent in the production of natural gas in March 2023 as compared to the same period last year. There has been a jump of 1.6 per cent in the annual base index. Production of petroleum refinery products has increased at the rate of 1.5 percent in March 2023.
Fertilizer production has increased at the rate of 9.7 percent. There has been a jump of 11.3 percent in the annual basis index as compared to the previous year. There has been a decline of 0.8 percent in the production of cement. There has been a jump of 8.6 percent in the annual base index. Steel production has increased at the rate of 8.8 percent. There has been a jump of 8.6 percent in the annual base index. While the production of electricity has decreased at the rate of 1.8 percent in March 2023. While there has been a jump of 8.9 percent in the annual growth rate. Eight core industries account for 40.27 percent of the items included in the IIP (Index of Industrial Production).
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