Growth rate of Index of Eight Core Industries declined for Third month

​The output of eight core sector industries shrank 23% in May 2020, the third straight month of contraction, according to data released by the Commerce Ministry. Although the contraction narrowed from the 37% decline in April.

• Of the eight core sectors, the fertilizer industry was the only one which saw actual growth in output in May, rising 7.5% in comparison to May 2019. The rest continued to contract, with the steel sector performing the worst and recording a 48.4% fall,
• The cement production dropped 22%,The energy sectors also showed negative growth, with coal production falling 14% and crude oil and natural gas production dropping 7% and 16.8% respectively. Petroleum refinery production, which carries the greatest weight in the core sector index, saw a contraction of 21%, while electricity generation dropped 15.6%.

About Eight Core Industries
Office of the Economic Adviser (OEA) is an attached office of the Department for Promotion of Industry and Internal Trade, Ministry of Commerce & Industry.The Office of Economic Adviser releases Index of Eight Core Industries.The Eight Core Industries comprise 40.27 per cent of the weight of items included in the Index of Industrial Production (IIP).The list of Eight core industries of ​Index of Industrial Production (IIP)

1. Coal
2. Crude Oil
3. Natural Gas
4. Refinery Products
5. Fertilizers
6. Steel
7. Cement
8. Electricity