Economy production of Eight core sectors declines drastically-Indian Economy. The Corona crisis is showing a profound impact on the Indian economy. There has been a sharp decline in the production of eight infrastructure (eight core) sectors in July. According to government data, the production of eight core sectors of the country has fallen by 9.6 percent in the month of July.
Economy production of Eight core sectors declines drastically-Indian Economy
According to the government data, the decline in production of steel, refinery products and cement sector has been observed at most. Production in 7 sectors has been recorded in eight sectors. Whereas in April-July 2020-21 this figure of decline has been -20.5 percent.
Industrial speed in crisis
According to the data released by the Ministry of Commerce and Industry on Monday, the production of eight core sectors registered a growth of 2.6 percent in the previous year i.e. in July 2019. The eight core sectors or infrastructure sectors include fertilizer, coal, crude oil, natural gas, refinery products, steel, cement and electricity.
According to the data released by the ministry, in July, all the seven sectors except fertilizer – coal, crude oil, natural gas, refinery products, steel, cement and electricity have registered a decline.
If we talk about the different sectors of Corona in different sectors, then in July, 16.5 percent in steel, 13.9 percent in refinery products, 13.5 percent in cement, 10.2 percent in natural gas, 5.7 percent in cement, 4.9 percent in coal and power sector. It has recorded a decline of 2.3 percent. Whereas in the production of fertilizer sector only, 6.9 percent growth has been recorded.
Corona crisis deeply affected Indian GDP 23.9% decline
Significantly, due to the lockdown of two months in April and May in this quarter, the economy is stagnating and in June it also got a slight momentum. For this reason, rating agencies and economists have expressed the possibility that the GDP for the June quarter may fall by 16 to 25 percent. If this happens, it will be a historic decline.