India: Coal, power, oil and gas, steel to clock higher growth: FICCI

Coal, power, oil and gas, crude oil, steel and aluminium sectors will register higher growth in the current fiscal compared to the last fiscal, according to a survey conducted by industry body FICCI.

However, the growth in the cement sector is likely to decline to 8-10 per cent in the current fiscal from 12.3 per cent in the previous year.

The higher projection for the current fiscal in these sectors would translate into improved prospects for growth for a range of industries in the engineering, non-engineering and the services sectors, FICCI said in a statement.

FICCI core sector survey, based on responses from industry, allied industry organisations, associations, government and public sector undertakings, revealed that coal sector is projected to grow at 6.5-7 per cent this fiscal compared with a 6.4 per cent growth in the previous year.

Electric power is slated to grow at 5.5-6 per cent in the current fiscal against 5.1 per cent last year, while oil and gas would register a growth of 0.8-1.4 per cent compared to minus 1.4 per cent.

While, the crude oil sector is likely to grow by 0.5-1.2 per cent this fiscal compared to minus 5.2 per cent, steel is projected to register a growth of 7-8 per cent against 6.5 per cent. The aluminium sector is likely to grow by 8-9 per cent in the current fiscal, compared to 7.8 per cent last year.

The chamber said that survey findings suggested that these core sectors could attain projected growth rates and might even record higher growth in the coming years provides some of the basic issues pertaining to each individual sectors are addressed.