NEW DELHI: THE growth of India’s core industries slowed down in March, with growth being pegged at 4.1 per cent, down from the 5.4 per cent seen in February.
According to official data released on Tuesday by the Ministry of commerce and industry, even on a year-on-year (YoY) basis, the ‘Index of Eight Core Industries’ (ECI), which represents the output of major sectors like coal, steel, cement and electricity, showed a downtrend.
The index had registered a rise of 5.2 per cent during the corresponding month of 2017.
“The combined Index of Eight Core Industries stands at 138 in March, 2018, which was 4.1 per cent higher as compared to the index of March, 2017,” the Ministry of Commerce and Industry said in a statement.
Growth in the sectors was largely a result of a persistent rise in cement production, which grew by 13 per cent, apart from a sudden 9.1 per cent growth in coal output. However, crude oil recorded a contraction in production in that month.
“Its cumulative growth during April to March, 2017-18 was 4.2 per cent,” the statement said.
The ECI index carries 40.27 per cent weightage of the Index of Industrial Production, the macro-gauge for factory output.