Core industry output contracts for third month

  • IASbaba
  • July 1, 2020
  • 0
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Core industry output contracts for third month

Part of: GS Prelims and Mains III – Indian Economy and related issues; Growth and Development

In news:

  • The output of eight core sector industries shrank 23% in May 2020. 
  • Of the eight core sectors, the fertilizer industry was the only one which saw actual growth in output in May month compare to May 2019.
  • Steel sector performance was the worst, which recorded a 48.4% fall, while cement production dropped 22%.
  • Good monsoon and kharif sowing season – led to some growth in the fertilizer sector.

Key prelims pointers:

  • The eight core sector industries are coal, crude oil, natural gas, refinery products, fertiliser, steel, cement and electricity.

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