Core sector growth slows to 2.6% in August

Growth in the key core sector remained sluggish in August, pointing to weakness in the industrial sector and reinforcing the need for moderate interest rates and reforms to sustain the growth momentum.
Data released by the commerce and industry ministry showed the eight core sectors -spanning steel, coal, crude oil, natural gas, refinery products, fertilizers, cement and electricity -grew an annual 2.6% in August. That's slower than the 5.9% expansion in the year ago month but marginally stronger than the previous month's 1.1% growth. The eight core sectors account for 38% of the index of industrial production (IIP).

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