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Core Industries Output Shrinks Sharply By 38% In April On Paused Economic Activity
In April, core sector output declined sharply by 38.1 percent compared to 9 percent fall in the previous month, according to the growth rate of Index of Eight Core Industries released by the Ministry of Commerce and Industries on Friday.
"In view of nationwide lockdown during April 2020 due to COVID-19 pandemic, various industries viz. Coal, Cement, Steel, Natural Gas, Refinery, Crude Oil etc experienced substantial loss of production," the ministry said.
The final growth rate of Index of Eight Core Industries for January 2020 remains unchanged at 2.2 percent. The Eight Core Industries comprise 40.27 percent of the weight of items included in the Index of Industrial Production (IIP), which is considered in formulating monetary policy for the country by RBI.
