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The Dollar Business Bureau Eight core sectors of the economy witnessed a growth of 6.8% in the month of November 2017, mainly supported by a strong performance in sectors such as steel, refinery and cement, according to an official data. The combined index of eight core industries stands at 123.9 in November, 2017, which was 6.8% higher as compared to the index of November, 2016,” said a statement by the Ministry of Commerce and Industry. The cumulative growth of these infrastructure sectors was 3.9% during the April-November period the fiscal 2017-18 compared to 5.3% during the same period in the previous fiscal. The eight core industries - coal, refinery products, cement, crude oil, natural gas, fertilisers, electricity and steel - had recorded a growth of 3.2% in ...

The Dollar Business Bureau With a view to bringing down logistics cost and pollution levels, the Government has decided to bring a policy for promoting the use of alternative fuel, Road Transport and Highways Minister Nitin Gadkari said on Thursday, while adding that the logistics cost is quite high in India when compared to China and European countries. “We are going to bring in a policy to promote use of alternative fuel which is indigenous and pollution free as it will help in saving lot of time, bring down logistics cost by 4-6% which is currently about 14-18% unlike in China where it is 10-12% and in European countries where it is 12-14%,” Gadkari said, while inaugurating an event organized by ASSOCHAM in New Delhi. The minister ...

The Dollar Business Bureau "We foresee a sharp recovery in demand this fiscal after demonetisation dealt a major blow, leading to a 1.2% de-growth last fiscal,” rating agency CRISIL said on Monday. The cement sector may see incremental demand outpace the incremental supply in the coming three fiscals due to the government’s spending on infrastructure, the rating agency said. According to the agency, incremental demand could be doubling to 48 million tonne when compared to the past three fiscals, while incremental supply is seen moderating to a fifth to 31 MT from 39 MT. Demand is likely to increase due to the government’s increase in expenditure on railways, urban development and roads the report detailed. "The industry should be able to rack up 5-6% ...

The Dollar Business Bureau  With cement coming under the 28% tax rate structure under Goods and Services Tax (GST), the industry is not happy with the government slotting it under the highest tax structure as the sector is already struggling with low demand. The Government has failed to take an advantage to spur growth in the already struggling housing and cement sector by placing the commodity in the uppermost tax bracket of 28% under the GST, the industry body Cement Manufacturers Association (CMA) said reacting to the announcement. The industry body has also lamented that the taxation on cement, the highest in the Asia Pacific region, has impacted the health of the sector that is seeing just 70% of its capacity utilisation because of low demand.  “On a 50 kg bag ...

By Abin Daya It just might be that things are slowly falling in place for the Indian economy. The Nikkei Purchasing Manager’s Index for Manufacturing and Services has positive news, both in performance and sentiments. What we now need is better capacity utilisation leading to improvement in private investment. A good monsoon this year should create that. Some indication of that is also seen in the performance of the infrastructure industries during the month of March. Performance improved from 1% growth in Feb, to 5% growth in Mar, though it was far from the 9.3% growth achieved a year back. While growth for the full year improved from the previous FY, the fertiliser industry seems to have been badly affected. One topic that ...

By Abin Daya It is very rare that you will find a month in which all the 8 core sector industries have had positive growth. No, it did not happen in Feb 2017; but it happened a year back – in Feb 2016! Before that it happened in 2010 – that too, three months in a row! In the case of Feb 2016, what made the month even more special was that 4 out of 8 core sector industries grew in double digits! Understandably, when something like that happens, you expect a significantly high rate of growth for the sector. Core sector grew at 9.4% in Feb 2016. Compare that with the core sector performance a year later, in Feb 2017. Such a ...

The Dollar Business Bureau India’s core industries grew at a slower pace in January as a contraction in the production of refinery products, cement and fertilizer weighed. The overall growth fell to a five-month low at 3.4% in the month, the slowest since August last year, when the sectors had witnessed a growth rate of 3.2%. In January 2016, the rate of growth in eight infrastructure sectors of coal, natural gas, crude oil, refinery products, steel, fertilisers, electricity and cement was 5.7%, while in December 2016, it was 5.6%. The production of refinery products, cement and fertiliser declined by 1.5%, 13.3% and 1.6%, respectively, in the month of January. Coal and electricity sectors expanded at 4.8% during the month under review, compared to 7.9% ...

The Dollar Business Bureau India's infrastructure sector output grew by 2.6% in August 2015 despite a sharp decline in steel production, according to the data released by the Ministry of Commerce & Industry. The infrastructure sector constitutes nearly 38% of India's total industrial output. Of the eight core sectors, fertilizer production witnessed the maximum increase of 12.6 %, mainly due to the growing domestic demand. “Coal production (weight: 4.38 %) increased by 0.4 % in August, 2015 over August, 2014. Its cumulative index during April to August, 2015-16 increased by 4.6 % over corresponding period of previous year,” the data said. Crude oil production went up by 5.6 % in August this year over the same month of last year. ...