In April, India’s core sector, comprising coal, steel, cement, fertilizers, electricity, natural gas, refinery products, and crude oil, witnessed a notable 6.2% growth, reflecting positive momentum in key industries. This growth, driven by robust performances in sectors such as steel, electricity, and natural gas, contrasts with the 4.6% growth recorded in April 2023. However, it’s essential to note that March’s growth figures were revised upward to 6%, indicating a stronger trajectory than previously estimated.
The steel sector exhibited a healthy 9.4% rise in April 2024, possibly propelled by demand from consumer durables, according to Aditi Nayar, chief economist at ICRA.
Although witnessing marginal positive growth in April, the cement sector experienced a sequential contraction of 12%, partly attributed to a high base and potential slowdown in government capex during parliamentary elections.
Apart from fertilizers, all sectors demonstrated positive growth, albeit some driven by a low base effect. Fertilizer output saw a decline of 0.8%, primarily due to comparably high growth recorded in April last year.
While the core sector’s April performance surpassed pre-COVID levels by 19.8% (February 2020), the recovery trajectory varies across industries. Sectors like coal, crude oil, and refinery products are still lagging, with growth rates of just 1.3%, 0.9%, and 7%, respectively, compared to pre-pandemic levels. This indicates the need for sustained efforts for a broad-based and comprehensive recovery, as highlighted by Sunil Sinha, principal economist at India Ratings and Research (Ind-Ra).
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