5.4% increase in the production of basic industries, has dropped foreign exchange reserves for the second week

Business News Desk-The production of eight basic industries in the country rose 5.4 percent in November thanks to better performance in coal, fertilizer, steel, cement and power sectors. A year ago, it rose by 3.2 percent in the same period. However, in October this year, the growth rate of production in eight basic industries dropped to 0.9 percent. According to the official data released on Friday, coal production increased by 12.3 percent annually in November. Fertilizer recorded 6.4 percent, 10.8 percent in steel, 28.6 percent in cement and 12.1 percent in electricity. However, the production of crude oil, natural gas and petroleum refinery products has decreased. Petroleum refinery products fell 9.3 percent. Crude oil production fell 1.1 percent and 0.7 percent in the production of natural gas. At the end of November, the government’s fiscal deficit reached 59 percent of the entire year’s budget estimate. The fiscal deficit has increased due to increase in capital expenditure and a poor increase in income that is not tax. According to the accounts of accounts, the fiscal deficit reached Rs 9,78,154 crore during the April-November of 2022-23. The budget estimate of 2021-22 was 46.2% in the same period last year. The government has estimated that the fiscal deficit Rs 16.61 lakh crore or 6.4% of GDP for 2022-23. The country’s foreign exchange reserves ended on December 23 by $ 69.1 million to $ 562.808 billion on December 23. This is the second consecutive week of decline in reserves. This has recorded a $ 571 million loss over the past week. Earlier, there was an increase in foreign exchange reserves earlier for five consecutive weeks. Eight basic industries coal, crude oil, natural gas, refinery products, fertilizer language, steel, cement and electricity growth were 8 percent during April-November in the current financial year. It was 13.9 percent in the same period of 2021-22. Share this story