India's core sector growth hits 13-month high

Data released by India's commerce and industry ministry reveals the eight core sectors - coal, steel, electricity, cement, fertiliser, refinery products, natural gas, and crude oil, grew an annual 5.7 per cent in February as compared to 2.3 per cent expansion in the year, and more than previous month's 2.3 per cent year-on-year growth. The eight core sectors account for nearly 40 per cent of the index of industrial production and February data bodes well for the IIS numbers. “The core sector growth number for February is encouraging at 5.7 per cent with a fairly diversified picture across electricity, refinery products and fertilisers,” said chief economist at Care Ratings, Madan Sabnavis.