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Higher steel, cement production boost factory output (Lead)
New Delhi, Jan 1 (IANS) Favourable base effect, along with higher production of steel and cement gave a boost to India’s eight major industries output in November 2017, official data showed on Monday.
On a sequential basis, the “Index of Eight Core Industries” (ECI) for November grew by 6.8 per cent from 5 per cent reported for October.
Similarly, on a year-on-year (YoY) basis, the ECI which represents the output of major sectors like coal, steel, cement and electricity showed an uptrend. It had only risen by 3.2 per cent in the corresponding month of 2016.
According to the data furnished by the Ministry of Commerce & Industry, the cumulative growth of the combined ECI during April to November 2017-18 was 3.9 per cent from a rise of 5.3 per cent during the same period of the last fiscal.
The ECI index carries 40.27 per cent weightage of the Index of Industrial Production (IIP) which is the macro-gauge for India’s factory output.
On a sector-specific basis, refinery production, which has the highest weightage of 28.03 per cent, grew by 8.2 per cent in November 2017 as compared with the corresponding month of last year.
Electricity generation, which has the second highest weightage of 19.85, picked-up by 1.9 per cent.
Steel production, the third most important component with weightage of 17.92, rose by 16.6 per cent during the month under review, whereas coal mining, with a 10.33 weightage, slipped by (-)0.2 per cent.
Extraction of crude oil, which has an 8.98 weightage, increased marginally by 0.2 per cent during the month under consideration.
Cement production too, which has a weightage of 5.37, edged higher by 17.3 per cent in November.
The sub-index for natural gas output, with a weightage of 6.88, went up by 2.4 per cent.
Fertiliser manufacturing, which has the least weightage — only 2.63 — inched-up by 0.3 per cent during the month in question.
“The pickup in the eight core industry numbers is largely positive though the base effect has had a role to play. Healthy performance in steel and cement has contributed to the higher number is noteworthy,” Anis Chakravarty, Lead Economist, Deloitte India, told IANS.
“However, it is too early to say if this translates to a revival. Steel has particularly been languishing in the past few cycles. It is important to focus on the trend rather than one off data points. The October performance on a sequential basis has also been good. Important to see whether this trend is maintained.”
–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.