Core sector data: Due to good growth in the production of coal, natural gas and power sectors, a growth of 6.3 percent was recorded in the eight core sectors of the country in the month of May. The production of these eight sectors had increased by 6.7 percent in April. The growth rate of these major sectors was 5.2 percent in May 2023. These sectors include coal, crude oil, natural gas, refinery products, fertilizers, steel, cement and power.
Official data showed that fertilizer, crude oil and cement production recorded negative growth during May. In this way, the production of these sectors has increased by 6.5 percent in the first two months (April-May) of the current financial year, whereas it had increased by 4.9 percent in the same period of the last financial year. Let us tell you that the combined contribution of these eight core sectors in the country’s Industrial Production Index (IIP) is 40.27 percent.
Details of foreign exchange reserves
The country’s foreign exchange reserves increased by $ 816 million to $ 653.71 billion in the week ending June 21. In the previous week, foreign exchange reserves had decreased by $ 2.92 billion to $ 652.89 billion. The all-time highest level of foreign exchange reserves was $655.82 billion on June 7.
According to Reserve Bank data, foreign currency assets, considered an important part of the currency reserves, declined by $ 106 million to $ 574.13 billion in the week ending June 21. The Reserve Bank said that the value of gold reserves increased by $ 988 million to $ 56.96 billion.
Fiscal deficit in the current financial year
The fiscal deficit of the central government was only three percent of the annual estimate in the first two months of the current financial year. The fiscal deficit, the gap between the government’s expenditure and revenue, stood at 11.8 per cent of the budget estimates for 2023-24 in the first two months of the last financial year. For the current financial year (2024-25), the government estimates that the fiscal deficit will be Rs 16,85,494 crore i.e. 5.1 percent of the gross domestic product (GDP).
