look news india
New Delhi, 30 August (HS). There is relief news on the economic front. There has been a slight increase in the pace of the country's major basic industries. Due to the decline in the production of crude oil and natural gas in July, the growth rate of eight major basic industries remained at the level of 6.1 percent. In July 2023, it grew at the rate of 8.5 percent.
The Ministry of Commerce and Industry released data on Friday, stating that due to the fall in the production of crude oil and natural gas, the growth rate of eight major basic industries in July was 6.1 percent on an annual basis. However, it is more than the 5.1 percent in June on a monthly basis. According to the ministry, positive growth has been registered in the production of steel, electricity, coal, refinery products, cement and fertilizers in July 2024.
According to the data, crude oil production declined by 2.9 percent and natural gas production by 1.3 percent in the month of July. The production of eight major basic industries increased by 6.1 percent in the first 4 months (April-July) of the current financial year, whereas in the same period of the previous financial year 2023-24, it grew at the rate of 6.6 percent.
It is noteworthy that the combined and individual performance of the country's eight major core industries is measured by the production of cement, coal, crude oil, electricity, fertilizers, natural gas, refinery products and steel. These eight core industries contribute 40.27 percent to the country's Index of Industrial Production (IIP). IIP is an index to measure the country's overall industrial growth.
