Eight basic industries coal, crude oil, natural gas, refinery
products, fertilizers, steel, cement and electricity have 40 per cent weightage
in the IIP. IIP figures will come in mid-January
Primary sector output increased in November
Production
of the country’s eight basic industries increased due to good performance in
coal, fertiliser, steel, cement and power sectors. Their output rose 5.4
percent in November, up from 3.2 percent in the same month a year earlier.
According to government data released on Friday, however, production of crude
oil, natural gas and refineries declined in November this year. Eight basic
industries grew at 0.9 percent in October.
Eight basic industries coal, crude oil, natural gas, refinery products,
fertilisers, steel, cement and power registered a growth rate of 8 per cent in
the April-November period of the current fiscal against 13.9 per cent in the
previous fiscal. According to the data, coal production increased by 12.3
percent year-on-year, fertilizer by 6.4 percent, steel by 10.8 percent, cement
by 28.6 percent and electricity by 12.1 percent in November this year. Basic
industry has a weight of 40.27 percent in the total industrial production
index. Due to this, its impact will also be seen in industrial production. The
government is likely to release the IIP data for the month of November in the
second week of January 2023.
At the
same time, in another figure released by the government, the fiscal deficit at
the end of November reached 59 percent of the full-year budget estimate. The
finance ministry on Friday said the fiscal deficit (difference between
expenditure and revenue) stood at Rs 9,78,154 crore during the April-November
period of the 2022-23 financial year. At the same time last year, the deficit
was 46.2 percent of the 2021-22 budget estimate. The government has projected a
fiscal deficit of Rs 16.61 lakh crore for 2022-23, or 6.4 percent of GDP. The
shortfall is met by borrowing from the market. According to data from the
Controller General of Accounts (CGA), net tax revenue of Rs 12.24 lakh crore is
63.3 per cent of the budget estimate for 2022-23. The net tax revenue during
the corresponding period of the financial year 2021-22 was 73.5 percent of the
budget estimate for the corresponding financial year.