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Source– The post is based on the article “Core comfort” published in the “The Hindu” on 2nd August 2023.
Syllabus: GS3- Infrastructure
Relevance: Core sector of economy
News– Output at India’s eight core sectors strengthened in June.
What are some facts and statistics related to core sector output?
The overall year-on-year growth in production estimated at a five-month high of 8.2%.
Seven of the sectors, including steel and cement and electricity, achieved high growth. Steel was the best performer. Steel output was increased by 21.9%.
The growth in Cement sector was in double-digit. It reflects the continuing momentum in demand.
Steel grew 15.9% and 12.2%, respectively, over the April-June period in the fiscal first quarter. Infrastructure sector is key factor in growth of these two sectors
As per Controller General of Accounts data, total capital expenditure by the Centre in June increased by 62% year-on-year to ₹1.10 lakh crore.
Electricity growth was strongest in four months despite a cyclonic storm that impacted Gujarat and reduced the demand.
Coal output also increased by 9.8% in June. The growth in first-quarter’s production was 8.7%.
What are areas of concern?
The country is still heavily dependent on crude imports for its overall fuel needs. The crude oil production contracted by 0.6%.
Crude oil, in addition to refinery products, carries the most significant weight of 28% on the index. It experienced a consecutive decline. It highlights the ongoing challenges faced by the entire oil sector due to regulatory inconsistencies.
