Eight core industries’ output grew 1.8 per cent in November, lower than the 6.6 per cent growth recorded in the previous month and 7.8 per cent increase in November 2011.
The overall output growth performance was weighed down by decline in output of coal, natural gas and cement. Deceleration in growth rates of electricity, steel and petroleum products also impacted overall performance.
This has cast a shadow over the IIP numbers for November, which are expected in mid-January. Clearly, the industrial output growth for November will be much lower than the heady heights of 8.2 per cent recorded in October, industry observers said.
The eight core industries – coal, crude oil, natural gas, petroleum refinery products, steel, cement and electricity – have a weightage of 37.90 per cent in the index of industrial production (IIP).
For the April-November 2012 period, the cumulative growth rate stood at 3.5 per cent, lower than the 4.8 per cent growth seen in the same period last year, official data released today said.
The lower overall growth in eight core industries in November is largely attributed to the decline in coal output (-4.4 per cent) and lower growth in petroleum refinery products (6.6 per cent).
While crude oil output grew 0.8 per cent, natural gas production declined 15.2 per cent on a year-on-year basis.
While steel production grew six per cent in November, fertiliser production saw growth of five per cent.
In November 2011, steel output grew 10.5 per cent and fertilisers output declined 6.7 per cent.
Electricity generation grew 2.3 per cent in November, lower than the 14.4 per cent growth recorded in the same month last year.