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Core sector growth
Why is it in the news
- The eight infrastructure sectors that constitute 40.27% of the index of industrial production (IIP) recovered to post a growth rate of 4.7% in March.
- This is a five-month high growth as production of steel and cement too grew at a robust pace.
- For the full year of 2018-19, however, the core sector data grew at a slower pace of 4.3% against 4.8% in the previous year.
Core Sector
- Core industry can be defined as the 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, refinery products, fertilisers, steel, cement and electricity.
- The Eight Core Industries comprise 40.27% of the weight of items included in the Index of Industrial Production (IIP).
- The combined index of eight core industries stands at 129.8 in June 2018.
- The electricity has the maximum weight of 10.32% followed by Steel (6.68%), Petroleum Refinery (5.94%) with Fertilizer production (1.25%) having lowest weight.
Source
LiveMint.