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    Core sector signals resounding recovery

    Core Sectors
    Riding high on the back of upward showing by the eight core sector industries including cement, electricity, refinery products, fertilisers coupled with a low base, core sectors shot up to 6.4 per cent in March 2016 year-on-year basis as compared to a fall of 0.7 per cent in the same month last year. The performance of the core sector during 2015-16 (April-March) was, however, much lower at 2.7 per cent compared to 2014-15, according to an official statement. The eight infrastructure industries that make up the core sector — coal, steel, electricity, crude oil, natural gas, fertiliser, cement, and refinery products — comprise nearly 38% of the weight of items included in the Index of Industrial Production. The infrastructure industries have witnessed a recovery for the second successive month (core sector grew 5.7 per cent in February). This does indicate some semblance of a recovery which may also largely be due to the year-end phenomenon of companies rushing to meet targets thus leading to higher production, according to CARE Ratings. Electricity generation (with a weight of 10.32%) increased by 11.3% in March 2016 and that cumulatively it increased 5.2 per cent in 2015-16 over the previous fiscal. Similarly, steel production (with the second highest weight of 6.68 per cent) increased 3.4 per cent in March, 2016 over March, 2015 during 2015-16 fiscal, as against a decline of 1.4 per cent as against the preceding fiscal.
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