Key infra sectors’ growth slows to 15-month low of 3.6% in Jan
New Delhi, February 29
The growth of eight key infrastructure sectors slowed to a 15-month low of 3.6 per cent in January, on account of poor performance of sectors like refinery products, fertiliser, steel and electricity, according to the official data released on Thursday.
The growth of eight core sectors — coal, crude oil, natural gas, refinery products, fertiliser, steel, cement and electricity — was 4.9 per cent in December. It was 9.7 per cent in January 2023.
The previous low level of growth rate was recorded at 0.9 per cent in October 2022.
Cumulatively also, the growth rate in the output of these sectors slowed down to 7.7 per cent as against 8.3 per cent in April-January 2022-23.
The output growth of refinery products and fertiliser was in the negative zone. And the pace of increase in the output of coal, steel, and electricity decelerated during the month under review. However, crude oil, natural gas, and cement production recorded positive growth in January.
The eight core sectors contribute 40.27 per cent to the country’s Index of Industrial Production (IIP).
Meanwhile, growth in bank credit to industry decelerated to 7.8 per cent year-on-year in January compared to 8.7 per cent in the same month last year, according to RBI data released on Thursday. The growth in bank credit to ‘basic metal & metal products’ and ‘chemicals and chemical products’ decelerated. — PTI
Growth in bank credit to industry dips to 7.8%
Growth in bank credit to industry decelerated to 7.8% year-on-year in January compared to 8.7% in the same month last year, according to RBI data. However, growth in credit to ‘food processing’ and ‘textiles’ accelerated in January against the corresponding month of the previous year, the data further stated.
FDI inflows down 13% to $32 bn in Apr-Dec ’23
FDI inflows in India declined 13% to $32.03 billion in April-December 2023, dragged down by lower infusion in computer hardware and software, telecom, auto, and pharma sectors, according to the government data. FDI inflows stood at $36.74 billion during the same period of the preceding fiscal.
