Indicating a revival of the economy, the eight core sectors of the economy grew 6.5% in October compared with a 0.4% growth in the year-ago period. Fueled by double-digit growth witnessed in the production of coal, petroleum refinery products and cement, the core sector grew significantly higher than the 2.1% reported in August.
The eight core industries of coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity have a combined weight of 37.9% in the Index of Industrial Production. The combined index was 151.2 in October.
During April-October 2012-13, the cumulative growth rate of the core industries was 3.7% as against their growth at 4.3% during the corresponding period in 2011-12. Crude oil production declined 0.4% while natural gas production dipped 14.9%. Petroleum refinery production had a growth of 20.3% while fertiliser production registered a growth of 2%.