In September 2023, the growth rate of eight key infrastructure sectors in India witnessed a slowdown, reaching a four-month low of 8.1%. This decline is notable compared to the 8.3% growth recorded in the same month the previous year. Several of these sectors experienced deceleration, with crude oil output registering negative growth.
1. Refinery Products:
- Growth Rate: The growth rate in the production of refinery products decreased to 5.5% in September 2023, down from 6.6% in the previous year.
- Growth Rate: Fertiliser production growth slowed down to 4.2% in September, compared to 11.8% in the previous year.
- Growth Rate: Cement production witnessed a decrease, with growth standing at 4.7% in September 2023, down from 12.4% in the previous year.
- Growth Rate: The growth rate in electricity production dipped to 9.3% in September, a decline from 11.6% in the previous year.
5. Crude Oil:
- Negative Growth: Crude oil production showed a negative growth of -0.4% in September, though it had contracted by -2.3% in the same month the previous year.
Previous Low in May: The last time these sectors experienced such a low growth rate was in May, with a growth rate of 5.2%.
Comparison with August: In August, the core sector experienced a substantial growth of 12.5%, the highest since June 2022, when it reached 13.2%.
April to September 2023-24: For the period of April to September 2023-24, the combined growth of these eight sectors was 7.8%, a notable decrease from the 9.8% growth recorded in the same period the previous year.
Positive Performers in September:
- Coal: Coal production surged by 16.1% in September.
- Natural Gas: Natural gas production increased by 6.5%.
- Steel: Steel production witnessed growth of 9.6%.