Petroleum refinery Current Affairs
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According to index of eight core industries released by Ministry of Commerce and Industry, Core sector growth has grown at faster pace of 6.7% in January 2018 against 3.4% in January 2017. The eight core sectors had grown by 4.2% in December 2017 and 7.4% in November 2017.
Cumulatively, the growth in eight core sectors during April-January this fiscal slowed to 4.3% as against 5.1% in the same period last fiscal. The growth in key sectors will have implications for Index of Industrial Production (IIP) as these eight segments account for about 41% of the total factory output.
Breakup of January performance:
- Petroleum refinery production: It jumped up by 11%.
- Cement output: It jumped up by 20.7%.
- Electricity generation: Its growth rose to 8.2%.
- Coal sector output: It improved by 3%.
- Steel production: It grew by 3.7%.
- Crude oil production: It dropped by 3.2%.
- Fertiliser output: It dropped by 1.6%.
- Natural gas: Its output fell by 1%.
Core Industry sector
Core industry 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.
Latest 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%)