Core industry output contracts for third month

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.