India s core sector growth slowed to 5.2% in March 2024, impacted by various industries. The Index of Industrial Production (IIP) is likely to see a moderate growth of 3.5-5% in the same month. The slow growth in eight core industries — cement, coal, crude oil, electricity, fertilisers, natural gas, refinery products and steel — which have a 40% weight in the Index of Industrial Production (IIP), is likely to lead to slower industrial growth as well.
This week, investors will closely watch the quarterly results of major companies, India’s infrastructure output, bank loan growth, deposit growth, and the US Fed interest rate decision.
The eight core industries – coal, crude oil, natural gas, refinery products, fertilisers, steel, cement, and electricity – make up around 40 percent of the IIP
The core sector comprising coal, crude oil, steel, cement, electricity, fertilisers, refinery products and natural gas, had grown 7.4% in February 2023. Except fertiliser, the output of all other industries rose in February, according to data released by the commerce and industry ministry.
India s retail inflation slightly dropped to 5.09% in February compared to 5.10% in the previous month, according to data released by the Ministry of Statistics & Programme Implementation. This is in line with the expectations of economists polled by Reuters, who predicted a decrease to 5.02%.