: Output of eight core industries shrank 15% in June, shows government data #IndiaNEWS The output of eight core industries contracted at a slower rate in June when compared to May, government data showed

Output of eight core industries shrank 15% in June, shows government data #IndiaNEWS
The output of eight core industries contracted at a slower rate in June when compared to May, government data showed on Friday. The index of the eight sectors – coal, crude oil, natural gas, refinery products, steel, cement, and electricity – fell by 15% in June.Fertiliser production was the only sector that registered an increase of 4.2% in June. These eight industries account for 40.27% in the Index of Industrial Production, according to PTI.Coal production declined 15.5% last month, while crude oil output fell 6% in the same period. The production of natural gas fell 12%, and the output of steel decreased 33.8%. Electricity generation, meanwhile, fell 11% in November. Refinery products also fell 8.9%, while cement declined 6.9%.The output in the eight core industries had suffered an overall contraction in May, shrinking 23.4%. The decline in output came as the pandemic-induced lockdown kept large parts of the economy shut. A countrywide lockdown was imposed from March 25 to curb the spread of the coronavirus. This lockdown has badly hit the economy, due to closure of most industries, apart from those producing essential goods. However, from April 20, the Centre allowed certain economic activities to resume in non-hotspot areas of the country. Subsequently, several states partially opened industries in areas not affected by the coronavirus....Read more

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