Core infrastructure growth slowed down to a 20-month low of 0.1 per cent in October on account of contraction in the output of crude oil, natural gas, refinery products, and cement, according to official data released on Wednesday.

The infrastructure sector grew 8.7 per cent in October last year and 7.8 percent in September 2022.

The previous low in terms of growth was a contraction of 3.3 per cent February 2021.The growth rate during April-October stood at 8.2 per cent against15.6 per cent a year ago.

Crude oil production declined 2.2 per cent in October, while natural gas production fell 4.2 per cent. Petroleum refinery products plunged 3.1per cent. Fertilisers production increased by 5.4 per cent.

The numbers have implications on IIP (index of industrial production) data as the eight core industries contribute 40.27 per cent to IIP.

Sunil Kumar Singh, principal economist with India Ratings and Research said: “The dismal y-o-y growth of core sector in October 2022 means industrial output growth would also be lacklustre and could be under 3 per cent in October.”

Fiscal deficit

Fiscal deficit for April to October touched Rs 7.58 lakh crore, or 45.6 per cent of annual estimates, government data showed, higher than 36.3 per cent in the corresponding period of the last year.

The fiscal deficit of the government is estimated at Rs16.61 lakh crore or 6.4 per cent of GDP for the fiscal.

During the first seven months of the fiscal, the government’s total revenues stood at Rs 13.86 lakh crore, while the total expenditure was Rs 21.44 lakh crore.

Revenues have reached60.7 per cent of the target for the financial year, while expenditure has reached 54.3 percent.

Net tax receipts increased to Rs 11.71 lakh crore, according to the data released by the Controller General of Accounts (CGA).