02 March 2017 Current Affairs: According to data released by the Commerce and Industry Ministry on February 28, 2017, the growth of eight core sectors slowed down to a five-month low of 3.4% in January 2017 due to contraction in output of refinery products, fertiliser and cement.
The eight core sectors which contribute 38% to the total industrial production includes coal, crude oil, natural gas, refinery products, fertilizers, steel, cement and electricity.
As per the ministry, the growth rate of the core sector was 5.7% in January 2016. Besides, it expanded to 4.8 percent in April-January of 2016-17, compared to 2.9% growth in the same period of 2015-16.
The Refinery Product faced a contraction of 1.5%, Fertilizer of 1.6% and Cement of 13.3% in January 2017.
Similarly, Coal and Electricity both expanded at 4.8% in January 2017 against 7.9% and 11.6% expansion respectively in January 2016.
Crude Oil output grew by 1.3% in January 2017, against 4.7% contraction in January 2016.
Natural Gas and Steel Output rose by 11.9% and 11.4% respectively.