Home BUSINESS Economy Eight core industries’ output contracts 23.4% in May

Eight core industries’ output contracts 23.4% in May

The output of eight core infrastructure industries shrank by 23.4% in May due to the coronavirus-induced lockdown, according to the official data.

Also read: IMF projects sharp contraction of 4.5% in Indian economy in 2020

The eight core sectors had expanded by 3.8% in May 2019, the data released by the Commerce and Industry Ministry on June 30 showed.

Barring fertiliser, all seven sectors — coal, crude oil, natural gas, refinery products, steel, cement, and electricity — had recorded negative growth in May.

During April-May 2020-21, the sectors output dipped by 30% as compared to 4.5% in the same period previous year.

Also read: Indian economy to contract by 4% in 2020-21, forecasts ADB

“In view of nationwide lockdown during April and May 2020 due to COVID-19 pandemic, various industries — Coal, Cement, Steel, Natural Gas, Refinery, Crude Oil etc experienced substantial loss of production,” the Ministry said in a statement.

These eight industries accounts for 40.27% in the Index of Industrial Production (IIP).

You have reached your limit for free articles this month.

Subscription Benefits Include

Today’s Paper

Find mobile-friendly version of articles from the day’s newspaper in one easy-to-read list.

Unlimited Access

Enjoy reading as many articles as you wish without any limitations.

Personalised recommendations

A select list of articles that match your interests and tastes.

Faster pages

Move smoothly between articles as our pages load instantly.

Dashboard

A one-stop-shop for seeing the latest updates, and managing your preferences.

Briefing

We brief you on the latest and most important developments, three times a day.

Not convinced? Know why you should pay for news.

*Our Digital Subscription plans do not currently include the e-paper ,crossword, iPhone, iPad mobile applications and print. Our plans enhance your reading experience.

Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

Indian Staffing Market will be the largest market in the world, today the industry is an over 6 billion dollar industry, says Mr Sultan...

Mumbai: According to Mr Sultan Khan, Founder & Director of EaseConnect HR Services Pvt. Ltd. Indian Staffing Market will be the largest market in...

HSE Interview Questions & Answers

What is Safety? The condition of being protected from or unlikely to cause danger, risk, or injury is Called Safety. What is the accident? It is an...

Putham Pudhu Kaalai trailer: Five Tamil filmmakers bring five stories of love in the time of Covid-19

The trailer of Amazon Prime’s upcoming Tamil film Putham Pudhu Kaalai was unveiled on Monday by filmmaker Mani Ratnam and composer A.R Rahman. Tamil...