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).

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