Economy News

India’s basic sector growth slows to 0.1% in October – Mintpaisa

Image for representation purposes only.

Image for representation purposes only. | Photo credit: The Hindu

Output growth in India’s eight major sectors slowed sharply to just 0.1% in October 2022 from 7.8% a month earlier, marking the slowest pace in at least a year. year, cement and refined products slipping into contraction and electricity production increasing by only 0.4%.

While coal, fertilizer, cement and power saw double-digit production growth in September, October saw coal and fertilizer growth moderate to just 3.6% and 5.4 %, respectively, while cement production decreased by 4.3%.

Read also | India’s GDP grows 6.3% in July-September quarter

Natural gas production fell for the fourth straight month, falling 4.2% in October, the biggest drop in at least 12 months. Crude oil production fell for the fifth straight month, but the contraction was the smallest in four months at 2.2%.

Steel production rose 4% in October, reflecting the weakest growth since July.


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