Core Sector: Growth rate of 8 core industries increased by 3.3 percent in August, lowest in 9 months

Core Growth Sector Rate Update : According to the data released by the Ministry of Commerce of the Central Government, the production of 8 major infrastructure sectors has increased by 3.3 percent in the month of August. This is the lowest increase in the last 9 months. A growth of 12.2 percent was registered in the same period last year. The previous low was 3.2 percent in November 2021. The previous low was 3.2 per cent in November 2021.

These are the 8 core industries

Let us tell you that in 8 infrastructure sectors, the production growth of coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity stood at 9.8 per cent during April-August. It was 19.4 percent a year ago.

37.2% of the budgeted estimate

Fiscal deficit refers to the position of the government’s debt taken from the market. According to the data of the Controller General of Accounts (CGA), the total receipts of the government including taxes stood at Rs 8.48 lakh crore. This is 37.2 percent of the budgeted estimate for 2022-23. In the corresponding period of 2021-22 a year ago, the total receipt was 40.9 percent of the budgeted estimate.

Revenue collection Rs 7 lakh crore

It is to be known that the tax revenue collection stood at Rs 7 lakh crore. This was 36.2 percent of the budgeted estimate for the current financial year. The total expenditure of the central government during April-August stood at Rs 13.9 lakh crore, which is 35.2 percent of the budget estimate. This was 36.7 percent in the same period of the last financial year 2021-22.

GDP growth

The Reserve Bank of India (RBI) has aggressively tightened monetary policy since May. According to sources, RBI is expected to continue increasing interest rates even further. RBI has reduced India’s Gross Domestic Product (GDP) growth forecast to 7 per cent for the current financial year. Earlier it was 7.2 percent. GDP grew by 13.5 per cent during the June quarter, up from 4.1 per cent in the previous quarter.

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