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Base effect, lower crude oil production decelerate July core factory output

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New Delhi, Aug 31 (IANS) Unfavourable base effect, along with a contraction in crude oil and natural gas production sequentially decelerated India’s eight major industries’ output in July 2018.

According to the Ministry of Commerce & Industry on Friday, the Index of Eight Core Industries (ECI) showed a rise of 6.6 per cent from a growth of 7.6 per cent in June.

However, on a year-on-year basis, July’s growth was higher than the rise of 2.9 per cent reported for the corresponding period of the previous fiscal.

“The combined Index of Eight Core Industries stands at 128.4 in July, 2018, which was 6.6 per cent higher as compared to the index of July 2017,” the ministry said in a statement.

“Its cumulative growth during April to July, 2018-19 was 5.8 per cent.”

The ECI index represents major sectors like coal, steel, cement and electricity. It 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 products, which has the highest weightage of 28.03 per cent, grew by 12.3 per cent in July 2018 compared with the corresponding month of the last fiscal.

Electricity generation, which has the second highest weightage of 19.85, picked up by 4.8 per cent.

Steel production, the third most important component with weightage of 17.92, inched up by 6 per cent during the month under review, whereas coal mining, with a 10.33 weightage, edged higher by 9.7 per cent.

On the other hand, extraction of crude oil, which has an 8.98 weightage, declined by
(-) 5.4 per cent during the month under consideration.

The sub-index for natural gas output, with a weightage of 6.88, slipped by (-) 5.2 per cent.

Cement production, which has a weightage of 5.37, edged higher by 10.8 per cent in July 2018.

Fertiliser manufacturing, which has the least weightage — only 2.63 — inched-up by 1.3 per cent during the month under review.

“The dip in the core sector growth in July 2018 relative to the previous month was modest albeit broad-based,” said Aditi Nayar, Principal economist at ICRA.

“The easing in growth of core sector output and automobile production, as well as an unfavourable base effect, suggest that a moderation in IIP growth in July 2018 relative to June 2018 is on the anvil.”

–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

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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.

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