core industry growth slows to 5.4% from 6%
New Delhi, Aug. 21 -- India's output in nine core infrastructure industries, as measured by the Index of Core Industries (ICI), grew 5.4% year-on-year in July, easing from an upward-revised 6% growth in June, data released by the Ministry of Commerce and Industry on Thursday showed.
Fertiliser output contracted 8% in July, worsening from a 3.3% contraction in June. "Fertiliser output has contracted for the fifth consecutive month, reflecting the impact of the West Asia conflict," said Aditi Nayar, chief economist at ICRA.
The sector's dependence on imported natural gas and other raw materials leaves it exposed to disruptions arising from the conflict. Fertiliser production had contracted sharply by 24.6% in March, the first full month after the West Asia war began.
July was the second monthly release under the revised ICI series with a 2022-23 base year, following the revision of the broader Index of Industrial Production (IIP) to the same base year....
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