The growth of eight major basic industries of the country was 5.2 percent in March

New Delhi, 30 April (Hindustan Times). The pace of growth of eight major basic industries of the country was 5.2 percent on an annual basis in March. However, this increase is less than the previous month. Its growth rate in February this year was 7.1 percent.

The Ministry of Commerce and Industry said in a statement issued on Tuesday that the growth rate of eight major basic industries increased to 5.2 percent (final) on an annual basis in March. Last month in February this rate was 7.1 percent. It grew by 4.1 percent in January 2024, while its growth pace in March 2023 was 4.2 percent.

According to the ministry, positive growth has been recorded in the production of cement, coal, electricity, natural gas, steel and crude oil in March. However, cumulatively, the growth rate in production of these sectors has slowed down to 7.5 percent during April-March in the financial year 2023-24, which is lower than 7.8 percent in the previous financial year.

It is noteworthy that eight major industries in India are called core sectors. The production of these industries is called core sector production. These eight industries include coal, crude oil, natural gas, refinery products, fertilizers, steel, cement and electricity. The contribution of eight major basic sectors in the country's Index of Industrial Production (IIP) is 40.27 percent.