Growth rate of index of 8 core industries declines by 15 pct in June
Source: Xinhua | 2020-08-01
The growth rate of index of eight core industries for June 2020 in India declined by 15 percent in the wake of nationwide lockdown that was imposed to contain the spread of COVID-19, data revealed by India's federal ministry of commerce and industry Friday said.
This is the fourth consecutive contraction in the eight key infrastructure sectors of the economy.
"The growth rate of index of eight core industries for June 2020 declined by 15.0 percent (provisional) compared to decline of 22.0 percent (revised) in the previous month of May 2020. Its cumulative growth during April to June, 2020-21 was minus 24.6 percent," a statement issued by the ministry said.
The decline is attributed to the loss in production Coal, Cement, Steel, Natural Gas, Refinery, Crude Oil and electricity due to the lockdown. Only fertilisers recorded positive growth.
According to the ministry, the final growth rate of index of eight core industries for March 2020 is revised at minus 8.6 percent.
The eight core industries comprise 40.27 percent of the weight of items included in the Index of Industrial Production (IIP).
A nationwide lockdown imposed on March 25 is underway in India to contain the COVID-19 pandemic. The move has badly hit the Indian economy and resulted in the loss of jobs.