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Core sector growth skids to 2.58% in FY14

Eight core industries, including coal, crude oil, natural gas, petroleum products, cement, fertiliser, steel and electricity, which together comprise one-third of industrial production, saw growth slipping to at least six-year low last year, as per the latest provisional data released by the government.

The core industries grew 2.58 per cent over FY13, the slowest pace since FY09 when the economy hit a bump due to global financial crises. These industries together grew 2.78 per cent that year.

During FY10-FY13, these sectors clocked growth in the 5-6.5 per cent range.

Coal production increased 0.7 per cent in March, 2014 over March, 2013. Its cumulative index during April to March, 2013-14 increased 0.8 per cent.

Crude oil production declined by 1.6 per cent last month and sported a decline in production of 0.2 per cent during the full financial year.

Natural gas was particularly hit hard, declining 9.3 per cent last month and 13 per cent for FY14 over the corresponding period the previous year.

Among others, petroleum refinery products grew 1.7 per cent, fertilisers sported growth of 1.5 per cent, steel production was up 4.3 per cent, cement output increased 3 per cent and electricity output was up 5.6 per cent in the year ended March 31, 2014.

(Edited by Joby Puthuparampil Johnson)

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