June sees key infra sector growth soar to 8.2%

03 Aug 2023 CW Team

Output of eight key infrastructure sectors expanded at a five-month rate of 8.2% in June on healthy performance by sectors such as natural gas and steel, according to the official data released on Monday. However, production growth was slower than 13.1% recorded in June 2022.

Core sector growth in June is the highest since January 2023 when the key sectors expanded at 9.7%. In May 2023, the growth rate was 5%. The output growth of the eight sectors slowed down to 5.8% in April-June 2023-24 against 13.9% in the year-ago period.

In June, steel output jumped by 21.9% as against 3.3% in the same month last year. Natural gas production increased by 3.6% during the month under review as compared to 1.2% in June 2022. Coal output growth slowed down to 9.8% in June 2023 as against 32.1% in June 2022.

The growth rate in the production of refinery products, fertiliser, cement and electricity slowed down to 4.6%, 3.4%, 9.4% and 3.3% as against 15.1%, 8.2%, 19.7%, and 16.5% respectively. Crude oil production dipped by 0.6%.

Commenting on the numbers, ICRA Ltd Chief Economist Aditi Nayar said that the tardy onset of the monsoon contributed to the improved performance of electricity and coal.

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