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Core sectors’ output surges by 5.4% in November

NEW DELHI: Output of eight core sectors rose at a healthy pace in November, helped by double-digit expansion in coal, electricity, cement and steel, prompting economists to say that the factory output data to be released later in the month may also display robust expansion.
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.
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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