Live Markets »News & Advice»Latest Stories»Latest Stories Details
Latest Stories Details
Back

Commerce Min begins inquiry into core sector data goof up

Press Trust of India/New Delhi 30 Jun 12 | 01:58 PM

The Commerce and Industry Ministry has initiated an internal exercise to find out the reasons behind the goof up in the eight core sector growth data for May, which was revised within hours of the release to the media yesterday.

"We have started an internal exercise to find out the reasons of problems in the data. My officers are on the job," a ministry official said when asked about the reasons for lowering of core sector data for May to 3.8% from 4.6%.

Related Stories

    No Related Stories Found

The official further said, "The Ministry of Statistics and Programme Implementation (MoSPI) should tell the reason behind the data issues."

However, an official in MoSPI said, "We take data from the Department of Industrial Policy and Promotion (DIPP) for Index of Industrial Production (IIP). I will find out when we start revising figures for the forthcoming IIP numbers".

While DIPP, which is under the Commerce and Industry ministry, is responsible for dissemination of Wholesale Price Index and core sector data, MoSPI collects data for national income and releases the IIP figures.

Yesterday, in an afternoon statement, the Commerce and Industry Ministry said that the eight core sector industries recorded a growth of 4.6% in May on the back of surge in cement and coal production. But within three hours, it was changed to 3.8%.

The growth in the cement sector, which showed 22.1% expansion in May according to the first press statement, was later changed to 11.3%.

The eight core industries - coal, crude oil, natural gas, fertilisers, petroleum refinery products, electricity, cement and finished steel - have a weight of 37.9% in the IIP.

Sensex

Company Price Gain (%)
ICICI Bank355.402.95
Hindalco Inds.157.652.64
Coal India376.552.49
Wipro550.452.33
Tata Power Co.83.402.27

Poll

Will the Sensex breach 30,000 on or before December 31, 2014?


Online Portfolio

You can create Online Portfolio here using the below button.