Core sectors’ output surges by 5.4% in November – Times of India
Data released by the commerce and industry ministry on Friday showed the eight core sectors – spanning coal, steel, electricity, cement, fertilisers, crude oil, natural gas and petroleum refinery products – rose an annual 5.4% in November compared to 0.9% in October and 3.2% expansion in November 2021. Growth during April-November, 2022 was at 8% compared to 13.9% in April-November 2021.
The eight core sectors account for nearly 41% of the Index of Industrial Production (IIP) and the November data augurs well for the IIP numbers to be released later. Crude oil, natural gas and refinery products sectors contracted.
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Separate data showed the fiscal deficit at the end of November was at 59% of the full-year target on the back of higher capital expenditure. The fiscal deficit was at Rs 9.8 lakh crore during April-November period.
Data from the Controller General of Accounts (CGA) showed net tax revenue at Rs 12.2 lakh crore or 63.3% of the budget estimates for 2022-23. During the corresponding period of 2021-22, the net tax revenue was 73.5% of the budget estimates. Experts reckon that robust revenues will help the government keep the fiscal deficit within the target of 6.4% of GDP in the current fiscal year.
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