India’s Core Sector Growth Climbs to 8% in October 2024
India’s core sectors recorded an impressive 8% growth in October 2024, showcasing resilience amid global economic uncertainties. The robust performance was propelled by key sectors like coal, electricity, and steel, contributing significantly to the overall index of industrial production.
Key Drivers of Growth
The coal sector witnessed a double-digit growth rate, driven by increased domestic demand and efficient supply chain operations. Electricity generation also surged, supported by higher industrial activity and a rise in residential consumption. Meanwhile, the steel sector saw notable gains, reflecting buoyant demand from construction and manufacturing industries.
Comparative Analysis
This growth marks a sharp improvement from the same period last year, which saw a more modest increase due to subdued economic activities. Analysts attribute the strong performance to government policy interventions and a continued focus on infrastructure development.
Economic Outlook
The October figures underscore the resilience of India’s industrial base, positioning the country well for sustained economic growth. Economists expect this momentum to continue, driven by government initiatives and a stable investment climate.
The core sector’s performance provides a positive signal for overall GDP growth, reinforcing optimism about India’s economic trajectory in the coming quarters.
