Eight Core Industries decline by 23.4% in May | Economy News
New Delhi: The output of eight core infrastructure industries shrank by 23.4 per cent in May due to the coronavirus-induced lockdown, official data showed on Tuesday.
The Office of Economic Adviser, Department for Promotion of Industry and Internal Trade released the Index of Eight Core Industries for the Month of May, 2020.
“The growth rate of Index of Eight Core Industries for May 2020 declined by 23.4% (provisional) compared to decline of 37 percent (provisional) in previous month of April 2020.Its cumulative growth during April to May, 2020-21 was -30.0 per cent,” an official release said.
In view of nationwide lockdown during April and May 2020 due to COVID-19 pandemic, various industries viz. Coal, Cement, Steel, Natural Gas, Refinery, Crude Oil etc. experienced substantial loss of production, it added.
Final growth rate of Index of Eight Core Industries for February 2020 is revised at 6.4%. The Eight Core Industries comprise 40.27 per cent of the weight of items included in the Index of Industrial Production (IIP).
