Eight Core Industries’ Output Contracts 9.6% In July

by GoNews Desk 9 months ago Views 1162

Eight Core Industries’ Output Contracts 9.6% In Ju
For the fifth consecutive month, the output of eight core infrastructure sectors dropped by 9.6% in July due to a fall mostly in the production of steel, cement and refinery products.

Even as the economy reopened, the decline points towards sluggish recovery, liquidity and labour shortage in the aftermath of the nationwide lockdown triggered by the coronavirus pandemic.   

According to Commerce and Industry Ministry data, the eight-core sectors grew by 2.6% in July last year.

Except for fertilisers, all seven sectors namely coal, crude oil, natural gas, refinery products, steel, cement and electricity recorded negative growth in July. These eight industries account for 40.27 per cent in the Index of Industrial Production (IIP). 

The output of steel, refinery products, cement, natural gas, coal, crude oil and electricity declined by 16.5%, 13.9%, 13.5%, 10.2%, 5.7%, 4.9% and 2.3%, respectively.

On the other hand, the fertiliser output grew by 6.9% during the month under review as against 1.5% in July 2019.

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