Business News | Core Sector Shrinks by 9.6 Pc in July Amid Graded Easing of COVID-19 Lockdowns
Get latest articles and stories on Business at LatestLY. The eight core industries contracted by 9.6 per cent in July amid a gradual easing of COVID-19 lockdowns, government data released on Monday showed.
New Delhi [India], Aug 31 (ANI): The eight core industries contracted by 9.6 per cent in July amid a gradual easing of COVID-19 lockdowns, government data released on Monday showed.
This is the fifth month of contraction in a row for the eight-core industries. However, it was an improvement over minus 12.9 per cent contraction seen in the previous month. The production of eight core sectors had expanded by 2.6 per cent in July last year.
"The combined index of eight core industries stood at 119.9 in July 2020 which declined by 9.6 (provisional) per cent as compared to the index of July 2019. Its cumulative growth during April to July 2020-21 was minus 20.5 per cent," said a statement issued by the Ministry of Commerce and Industry.
Barring fertiliser, all seven sectors -- coal, crude oil, natural gas, refinery products, steel, cement and electricity -- recorded negative growth.
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Fertiliser output grew by 6.9 per cent during July as against 1.5 per cent in the same month of last year.
The output of steel, refinery products, cement, natural gas, coal, crude oil and electricity declined by 16.5 per cent, 13.9 per cent, 13.5 per cent, 10.2 per cent, 5.7 per cent, 4.9 per cent and 2.3 per cent respectively.
During April to July, the sector's output dipped by 20.5 per cent as compared to a growth of 3.2 per cent in the same period previous year.
The eight industries have a 40 per cent weight in the index of industrial production (IIP). (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)