Record Decline In Output Of 8 Core Sectors
The lockdown wreaked havoc on the output of eight core industries in April, contracting 38.1 per cent for the month under review. The eight core industries — coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity had contracted 9 per cent in March. In April last year, their output had recorded 5.2 per cent growth. Output of all core industries contracted in April. While steel (contraction of 83.9 per cent) and cement (contraction of 86 per cent) were hit the most, fertilisers and crude oil production were affected to a lesser extent; they reported modest contraction of 4.5 per cent and 6.3 per cent, respectively. Natural gas output saw contraction of 19.9 per cent, while refinery products output contracted 24.2 per cent. While coal output slipped from a modest growth of 4 per cent in March to a year-on-year de-growth in April, the pace of contraction was moderate at 15.5 per cent. Moreover, the contraction in crude oil production deepened only modestly to 6.3 per cent in April from 5.5 per cent in March. This suggests that the mining sector may be relatively insulated during the lockdown, compared to manufacturing.
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