Friday, May 31, 2013

Reliance SEZ figures revised upto 3.2% from 2.6%

1 Jun, 2013,NEW DELHI:--

The government has increased core sector numbers for previous years after incorporating refinery production data from Reliance Industries\' Special Economic Zone in Jamnagar. The annual growth in the eight core sector industries for 2012-13 was revised up to 3.2% from 2.6% reported earlier.

The most significant revision was in the April 2011 growth figure, which has increased to 5.7% now from 2.2% reported earlier.

ET had reported last month that core sector numbers were depressed because nearly 15% of refinery production was not getting captured in the data.

The Jamnagar refinery had processed a record 68.5 million tonnes of crude oil in 2012-13.

This is likely to slightly lift industrial production growth for the previous fiscal as the core sector contributes 38% to the Index of Industrial Production (IIP). IIP grew by just 1% last fiscal.

The fiscal year 2014 began on a muted note with the core sector expanding by just 2.3% in April against 3.2% in March, mainly because three of the eight sectors-crude oil, natural gas and fertilizers-recorded a fall in output. The low growth suggests a weak industrial production in the month.
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