India's core sector growth improved to 3.1% in October, marking the second consecutive month of recovery in the performance of the eight core industries, according to the data released by the commerce ministry on Friday. This comes after a revised 2.4% growth in September, providing a positive signal for the country's infrastructure output.
The eight core industries-coal, crude oil, natural gas, refinery products, fertilisers, steel, cement, and electricity-are a key indicator of industrial performance, accounting for 40% of the Index of Industrial Production (IIP).
The October growth follows a contraction to a 22-month low of 0.1% in August, highlighting signs of a gradual rebound. Industrial production also picked up in September, registering 3.1% growth, reinforcing hopes of recovery in the manufacturing sector.
Despite the recent uptick, growth in the core sectors during the first half of the current fiscal (H1FY25) stood at 4.2%, significantly lower than the 8.2% growth recorded in the same period last year.
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