Growth of eight core industries dropped to 2.1 per cent in July mainly due to a contraction in coal, crude oil, natural gas and refinery products, according to the official data released by the government. The combined index of eight core industries in July was 2.1 per cent higher as compared to July, but saw a huge drop from 7.3 per cent recorded in July last year.
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The cumulative growth of the sectors during the first quarter stood at 3 per cent. The same was 5.9 per cent in the same period previous year. The eight core industries comprise 40.27 per cent of the weight of items included in the Index of Industrial Production (IIP). The basket includes industries in coal, crude oil, natural gas, refinery products, fertiliser, steel, cement and electricity.
According to the data released by the government on Monday, output of coal, crude oil, natural gas and refinery products recorded negative growth in July, while production of fertilizers, steel, cement and electricity saw a jump.
