new Delhi. The lockdown imposed to deal with the Corona crisis has had a negative impact on economic activity. Core sector production dropped by a record 38 percent in the month of April. In the month of March, the core sector saw a decline of 9 percent. At the same time, the core sector grew 5.2 per cent in the month of April a year ago.
The entire month of April was under lockdown, which is why there has been a sharp decline in production. There was only one week of lockdown in the month of March. Officially the month of May has been a lockdown, although economic activity has started in many places and sectors with relaxation of regulations. In such a situation, it is believed that it is possible to improve the figures once again from May.
All eight major sectors witnessed a decline during April. Cement and steel have seen the maximum impact. During April, there has been a sharp decline of 86 per cent in the cement sector and 83 per cent in steel during the previous year. There has been a decline of about 20 per cent in natural gas production, 15.5 per cent in coal production, 6.4 per cent in crude oil production and 4.5 per cent in fertilizer. At the same time, there was a decline of 22.8 percent in electricity and 24.2 percent in refinery products.
The decline in the core sector is also reflected in the IIP figures. These 8 sectors account for over 40 per cent of the IIP.
This post was published on May 30, 2020 4:59 am
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