Indian Economy: Eight Core Industries growth for May decline by 23.4 pc
New Delhi/UNI: The growth rate of Index of Eight Core Industries for May contracted by 23.4 per cent compared to decline of 37 per cent in the previous month, the government said on Tuesday.
Its cumulative growth during April to May 2020-21 was (-)30.0 per cent, according to data released by the Commerce and Industry ministry.
In view of nationwide lockdown during April and May due to Covid-19 pandemic, various industries including Coal, Cement, Steel, Natural Gas, Refinery, Crude Oil experienced substantial loss of production.
Final growth rate of Index of Eight Core Industries for February 2020 was revised at 6.4 per cent, the Ministry said.
The Eight Core Industries comprise 40.27 per cent of the weight of items included in the Index of Industrial Production (IIP).
Coal production declined by 14.0 per cent in May 2020 while Crude Oil production declined by 7.1 per cent over the same month last year.
The production of Natural Gas declined by 16.8 per cent while Petroleum Refinery saw a decrease of 21.3 per cent in May over the same month in 2019.
Fertilizers production increased by 7.5 per cent whereas cement production declined by 22.2 per cent in May over the same month last year.
Electricity generation declined by 15.6 per cent in the month. Its cumulative index declined by 19.1 per cent during April to May 2020-21 over the corresponding period of previous year.
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