• Thu. May 23rd, 2024

At 7.8%, core sector growth slows to 6-month low in November

Byusanewscart.com

Dec 30, 2023
At 7.8%, core sector growth slows to 6-month low in November

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NEW DELHI: The country’s key infrastructure sector remained robust in November, led by coal, refinery products and steel segments, but slowed compared to the previous month’s double-digit growth.
Data released by the commerce and industry ministry on Friday showed the eight core sectors, spanning coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity, grew 7.8% in November, slower than the 12% in October but above the 5.7% expansion recorded in November last year.For the April to November period, the core sector grew 8.6%, above the 8.1% in the same year earlier period.
“As expected, the delayed onset of the festive season led to a moderation in core sector growth to a six-month low 7.8% in November 2023 from 12% in October 2023, with only petroleum refinery products displaying a pickup in year-on- year growth between these two months…,” said Aditi Nayar, chief economist at ratings agency ICRA.
Separate data released by the Controller General of Accounts (CGA) showed the fiscal deficit at the end of November stood at Rs 9.1 lakh crore or 50.7% of the 2023-24 full-year budget estimate, narrower than the previous year’s 58.9%.



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