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Data released by the department for promotion of industry and internal trade (DPIIT) on Thursday showed the 8 infrastructure sectors spanning coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity, rose an annual 5.8% in February compared to 4% in January and a contraction of 3.3% in the year ago month. Oil and fertilisers were the only sectors which witnessed contraction.
The eight core industries comprise 40.1% of the weight of items included in the index of industrial production (IIP). The data for IIP will be released later this month. “Steel and cement have grown by 5.7% and 5% respectively with infra push being given by the government and an uptick seen in the construction industry.
The March growth number could turn negative as growth was 12.6% last year. For Feb, IIP growth may be expected to be in the region of around 3%,” said Madan Sabnavis, chief economist at Bank of Baroda.
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