The output of India’s core industries increased by 4.5% y/y in February 2014, an improvement on the 1.6% y/y growth experienced in January. The sectors that are considered to be core industries are cement, coal, steel, electricity, natural gas, crude oil, fertilisers and petroleum refinery products.

Cement production grew by 2.3% y/y in February compared to 1.5% y/y in January. Refinery products, electricity generation and steel production also picked up, rising by 3.2%, 10.4% and 4.8%, respectively. After falling by 0.7% y/y in the first month of 2014, coal output was up 0.1% y/y in February.

Only two of the core sectors saw a decline in output in February ­– natural gas (-4.4% y/y) and fertiliser production (-0.7% y/y). However, natural gas dropped by 5.2% in January 2014 so the February figure represents a softening in decline.

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