Core sector activity in the second quarter has been robust

Ministry of industry and commerce released the data for index of eight core sector industries – it includes coal, crude oil, natural gas, refinery products, fertilizers, steel, cement and electricity – for the month of September earlier this week. On an annual basis, growth rate increased to 7.9% in September after having fallen to 4.1% in August. When seen on a sequential basis, the index has fallen continuously in August (139.7) and September (138.1) from its July (140.7) value. However, a slightly long-term comparison of the absolute value of the index shows that the V-shaped recovery in the core sector index after the pandemic’s disruption in 2020 has continued well into this year.