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Steel in Indian Economy's 'CORE' badly shaken; Overall 38% decline recorded in April

By TIOL News Service

NEW DELHI, MAY 30, 2020: THE growth rate of Index of Eight Core Industries for April 2020 declined by 38.1% (provisional) compared to decline of 9 percent (provisional) previous month of March 2020. In view of nationwide lockdown during April 2020 due to COVID-19 pandemic, various industries viz. Coal, Cement, Steel, Natural Gas, Refinery, Crude Oil etcexperienced substantial loss of production.

Final growth rate of Index of Eight Core Industries for January'2020 remains unchanged at 2.2%. The Eight Core Industries comprise 40.27 per cent of the weight of items included in the Index of Industrial Production (IIP).

The summary of the Index of Eight Core Industries  is given below:

Coa l- Coal production (weight: 10.33 per cent) declined by 15.5 per cent in April, 2020 over April, 2019. Its cumulative index declined by 0.4 per cent during April to March, 2019 -20over corresponding period of the previous year.

Crude Oil - Crude Oil production (weight: 8.98 per cent) declined by 6.4 per cent in April, 2020 over April, 2019. Its cumulative index declined by 5.9 per cent during April to March, 2019 -20 over the corresponding period of previous year.

Natural Gas - The Natural Gas production (weight: 6.88 per cent) declined by 19.9 per cent in April, 2020 over April, 2019. Its cumulative index declined by 5.6 per cent during April to March, 2019-20 over the corresponding period of previous year.

Refinery Products - Petroleum Refinery production (weight: 28.04 per cent) declined by 24.2 per cent in April, 2020 over April, 2019. Its cumulative index increased by 0.2 per cent during April to March, 2019-20 over the corresponding period of previous year.

Fertilizers - Fertilizers production (weight: 2.63 per cent) declined by 4.5 per cent in April, 2020 over April , 2019. Its cumulative index increased by 2.7 per cent during April to March, 2019-20 over the corresponding period of previous year .

Steel - Steel production (weight: 17.92 per cent) declined by 83.9 per cent in April, 2020 over April, 2019. Its cumulative index increased by 3.4 per cent during April to March, 2019-20 over the corresponding period of previous year.

Cement - Cement production (weight: 5.37 per cent) declined by 86.0 per cent in April , 2020 over April , 2019. Its cumulative index declined by 0.9 per cent during April to March, 2019-20 over the corresponding period of previous year .

Electricity - Electricity generation (weight: 19.85 per cent) declined by 22.8 per centin April, 2020 over April , 2019. Its cumulative indexincreased by1.0per cent duringApril to March, 2019-20over the corresponding period of previous year.


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