Breaking Records: India’s Key Infrastructure Sectors Soar by 8% in July!
According to official data released by the Commerce and Industry Ministry on August 31, 2023, India’s eight key infrastructure sectors grew by 8% in July 2023, compared to 4.8% in the same month last year. This is a positive sign for the Indian economy, which is still recovering from the COVID-19 pandemic.
The eight key infrastructure sectors include coal, crude oil, natural gas, refinery products, fertilisers, steel, cement, and electricity. These sectors account for 40.27% of the Index of Industrial Production (IIP).
The growth in these sectors was driven by a number of factors, including:
- Increased demand from the manufacturing and construction sectors.
- Improved supply chain management.
- Government support for infrastructure development.
Coal production grew by 14.9% in July 2023, compared to 11.4% in July 2022. This was due to increased demand from power plants, as well as improved mining operations.
Crude oil production grew by 6.8% in July 2023, compared to 5.5% in July 2022. This was due to higher output from domestic oilfields, as well as improved refining margins.
Natural gas production grew by 8.9% in July 2023, compared to a contraction of 0.3% in July 2022. This was due to increased demand from the power and fertilizer sectors.
Refinery products production grew by 6.3% in July 2023, compared to 5.2% in July 2022. This was due to higher demand from the domestic market.
Fertilizers production grew by 4.3% in July 2023, compared to 0.5% in July 2022. This was due to increased demand from the agricultural sector.
Steel production grew by 13.5% in July 2023, compared to 7.5% in July 2022. This was due to increased demand from the construction and infrastructure sectors.
Cement production grew by 10.1% in July 2023, compared to 8.9% in July 2022. This was due to increased demand from the construction sector.
Electricity generation grew by 7.5% in July 2023, compared to 6.4% in July 2022. This was due to increased demand from the industrial and commercial sectors.
The growth in India’s key infrastructure sectors is a positive sign for the overall economy. It suggests that the recovery from the COVID-19 pandemic is gaining momentum. The government should continue to support infrastructure development, as this will help to boost economic growth and create jobs.
In addition to the factors mentioned above, the growth in India’s key infrastructure sectors is also being supported by a number of other factors, including:
- The increasing use of technology in infrastructure development.
- The growing focus on sustainable infrastructure.
- The increasing investment from the private sector in infrastructure.
These factors are expected to continue to support the growth of India’s infrastructure sector in the coming years. As a result, India is well-positioned to become a global leader in infrastructure development.
Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. PropertyPistol does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.
