Millennium Post

Happy new year! Nov core sector growth at 5-month high of 6.7%

The eight core sector industries — coal, crude oil, natural gas, refinery products, fertiliser, steel, cement and electricity —grew by 3.2 per cent in November last year. The growth rate
was 6.3 per cent in October this year.

The earlier high was in June when the sectors grew by 7.3 per cent. The core sector contributes 38 per cent in the overall industrial production, a parameter that RBI takes into account while framing its monetary policy. Coal, refinery products, electricity and cement production registered a growth of 14.5 per cent, 8.1 per cent, 10.2 per cent and 11.3 per cent, respectively in November, as per the data released by the Commerce and Industry Ministry.

Steel output during the month under review declined to 1.3 per cent from 10.1 per cent in the same month last year. However, crude oil, natural gas and fertiliser were in the negative zone. During April-November, the eight sectors grew by 4.6 per cent as against 4.1 per cent in the same period last year.

External debt up 3% to $456 bn during first half of this fiscal

India’s external debt stood at $455.9 billion in the first six months of this fiscal, up 3.1 per cent from March-end level, according to the Finance Ministry. The external debt consist of long-term debt of $369.5 billion (up 4.7 per cent from March) and short-term debt $86.4 billion (down 3.2 per cent).

“The rise in external debt (of $13.7 billion or 3.1 per cent from March-end level) during the period was due to long-term external debt particularly commercial borrowings and NRI deposits,” the Finance Ministry said in a release. Share of commercial borrowings was highest at 35.4 per cent of total external debt, followed by NRI deposits at 23.8 per cent and multilateral debt at 11.7 per cent.

Sovereign external debt stood at $88.4 billion in September, up from $81.5 billion in March 2014, it added. “The share of US dollar denominated debt continued to be the highest in external debt stock at 60.1 per cent at end-September 2014, followed by the Indian rupee 24.2 per cent, Special Drawing Rights (SDR) 6.5 per cent, Japanese yen 4.5 per cent, and euro 3 per cent,” said the release.

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