FISCAL PRUDENCE

The ranking reflects nearly half of the 37 reforms, adopted since 2003, and implemented in the last four years.

142

India’s ranking when when the Narendra Modi government took office in 2014. Last year it was 130. The ranking, however, does not take into account business environment postGST, which weaved the country of 1.3 billion into one market with one tax and removed inter-state barriers for trade.

New Delhi, Oct. 31: Eight core sectors grew to a sixmonth high of 5.2 per cent in September, helped by a robust performance in coal, natural gas and refinery segments, official data showed on Tuesday.

The eight infrastructure sectors — coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity — had witnessed a growth of 5.3 per cent in September last year.

The expansion in September is highest since April, when the core sectors’ growth stood at 2.6 per cent.

The production of coal, natural gas and refinery products rose by 10.6 per cent, 6.3 per cent and 8.1 per cent, respectively on annual basis, according to the data released by the commerce and industry ministry.

Crude oil output registered a growth of 0.1 per cent during the month under review as compared to a contraction of 4.1 per cent in September 2016.

On the other hand, growth rate of steel and cement production was slower in September this year as against the same month previous fiscal. Electricity generation recorded almost flat growth. However, fertiliser output recorded a degrowth during the month under review.

Cumulatively, the growth in the eight core sectors during AprilSeptember this fiscal slowed down to 3.3 per cent as against 5.4 per cent in the same period last fiscal.

Healthy growth in key sectors would have positive implications on the Index of Industrial Production (IIP) as these eight segments account for about 41 per cent to the total factory output.

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THE FISCAL deficit at the end of the first half of the current fiscal touched 91.3 per cent of the budget estimate, mainly due to rise in expenditure.

THE CGA data showed that the revenue receipts were at `6.23 lakh crore in the first six month of the current fiscal.