Lower refinery output slows India’s June core sector growth
Pic Credit: Live Mint
New Delhi: Lower production of refinery products decelerated the output pace of India’s eight major industries in June to 0.2 per cent, official data showed on Wednesday.
According to the Ministry of Commerce and Industry data, the index of eight core industries had risen 7.8 per cent in June 2018. On a sequential basis, the core sector grew by 4.3 in May this year.
The core sector index carries 40.27 per cent weightage of the items included in the index of industrial production (IIP).
“The combined Index of Eight Core Industries stood at 131.4 in June, 2019, which was 0.2 per cent higher as compared to the index of June, 2018,” the Ministry said in a statement.
On sector-specific basis, the output of refinery products, which has the highest weightage of 28.03, declined 9.3 per cent in June 2019 compared to the corresponding month of the last fiscal.