23.4 % decline in Growth Rate of Eight Core Industries in May 2020
Index of the Eight Core Industries for the month of May 2020 was released on 30th June 2020. The index was released by the Office of Economic Affairs (under the Department for Promotion of Industry and Internal Trade). Out of the total items included in the Index of Industrial Production, the Eight Core Industries comprises of 40.27 percent weight of the total.
The Eight Core Industries are: (i) Coal (ii) Crude Oil (iii) Natural Gas (iv) Refinery Products (v)Fertilizers (vi) Steel (vii)Cement (viii) Electricity
Highlights from the Index
Growth Rate of the Eight Core Industries has improved from a -37 percent in April 2020 to -23.4 percent in May 2020. The negative Growth Rate is due to the effects of Nationwide Lockdown in the months of April and May 2020.
Growth Rate of the Eight Core Industries in 2020:
- January: +2.2 percent
- February: +6.4 percent
- March: -9.0 percent
- April: -37 percent
- May: -23.6 percent
Among the Eight Core Industries, only the Fertilizers Industry has been able to register an increase in growth rate in the month of May 2020 when compared to May 2019. Rest all 7 Industries have witnessed a decline.
In May 2020, when compared with May 2019, the Steel Industries have registered the highest decline of 48.4 percent among the Eight Core Industries.
Categories: Economy & Banking Current Affairs