Core Sector Growth Current Affairs
According to index of eight core industries released by Ministry of Commerce and Industry, eight core infrastructure sectors grew by 5.3% in February 2018. It was mainly due to robust performance of refinery products, fertilizer and cement segments. The core sectors expanded by 6.1% in January 2018 and it grew by just 0.6% in February 2017. Cumulatively, these 8 sectors grew by 4.3% in April-February 2017-18 against 4.7% in the same period last fiscal.
Breakaway of January Performance
- Petroleum refinery production: It recorded 7.8% growth.
- Fertilizer production: It recorded 5.3% growth.
- Cement production: It recorded 22.9% growth.
- Electricity generation: It grew by 4%.
- Coal production: It grew by 1.4%.
- Steel production: It grew by 5%.
- Crude oil production: It declined by 2.4%.
- Natural Gas production: It declined by 1.5%.
Core industries can be defined as main industry of the economy. In most countries, there is particular industry that seems to be backbone of all other industries and it qualifies to be the core industry.In India, there are eight core sectors comprising of coal, crude oil, natural gas, petroleum refinery products, fertilisers, steel, cement and electricity. The eight infrastructure sectors, constitute 40.27% of the total index of industrial production (IIP).
Revised weightage in core sectors: Petroleum Refinery production (weight: 28.04%), Electricity generation (19.85%), Steel production (17.92%), Coal production (10.33%), Crude Oil production (8.98%), Natural Gas production (6.88%), Cement production (5.37%), Fertilizers production (2.63%).