09-August-2020
Economy News
 
Core industries output continues to shrink in June; these two sectors face maximum hit
01-Aug-2020

As India steps out of the nationwide lockdown, the wheels of core industries have started to churn, however, it will take some more time to revive to the pre-Covid levels. India’s core industries shrank by 15 per cent in the month of June 2020 but the fall was less severe than the previous month, according to the Department for Promotion of Industry and Internal Trade (DPIIT). In May, the core industries contracted by 22 per cent. Except for fertilzers, all the core sectors faced contraction in June, while the production of steel and coal faced the maximum hit. Steel production fell 33.8 per cent and coal production fell 15.5 per cent on-year in June. Among other sectors that contracted in the month, natural gas fell 12 per cent; electricity contracted by 11 per cent, crude oil production by 6 per cent, refinery products by 8.9 per cent; cement fell 6.9 per cent. Fertilizers was the only sector that grew (4.2 per cent) in the month.

News Source:- https://www.financialexpress.com/economy/core-industries-output-continues-to-shrink-in-june-these-two-sectors-face-maximum-hit/2041242/