Core sector growth contracts to 6.5% in March amid coronavirus lockdown

04 May 2020 Evaluate

The growth of eight core infrastructure industries have contracted by 6.5 percent in March 2020, as compared to same period of last year, due to fall in production of crude oil, natural gas, refinery products, fertiliser, steel, cement and electricity amid the coronavirus lockdown. The eight core sectors had expanded by 5.8 percent in March 2019. According to data released by the ministry of Commerce and Industry, the combined Index of eight core industries stood at 137 in March, 2020, which declined by 6.5 percent compared to the index of March, 2019. Its cumulative growth during April to March, 2019-20 was 0.6 percent. The Eight Core Industries - coal, crude oil, natural gas, refinery products, fertiliser, steel, cement and electricity - comprise 40.27 percent of the weight of items included in the Index of Industrial Production (IIP).

Among eight core sectors, Coal production having 10.33 percent weight increased by 4 percent in March, 2020 over March, 2019, while its cumulative index decreased by 0.5 percent during April to March, 2019-20 over corresponding period of the previous year. Petroleum Refinery production having 28.04 percent weight fell 0.5 percent in March, 2020 over March, 2019, while its cumulative index rose by 0.2 percent during April to March, 2019-20 over the corresponding period of previous year.

Electricity generation having 19.85 percent weight dropped 7.2 percent in March, 2020 over March, 2019, while its cumulative index increased by 1.0 percent during April to March, 2019-20 over the corresponding period of previous year. Cement production having 5.37 percent weight decreased by 24.7 percent in March, 2019 over March, 2018 and its cumulative index fell by 0.8 percent during April to March, 2019-20 over the corresponding period of previous year. Fertilizer production having 2.63 percent weight declined by 11.9 percent in March, 2020 over March, 2019, and its cumulative index was up by 2.7 percent during April to March, 2019-20 over the corresponding period of previous year.

Steel production having 17.92 percent weight declined by 13.0 percent in March, 2020 over March, 2019, while its cumulative index surged by 4.2 percent during April to March, 2019-20 over the corresponding period of previous year. Crude Oil production having 8.98 percent weight fell by 5.5 percent in March, 2020 over March, 2019 and its cumulative index dropped by 5.9 percent during April to March, 2019-20 over the corresponding period of previous year. The Natural Gas production having 6.88 percent weight declined by 15.2 percent in March, 2020 over March, 2019, and its cumulative index was down by 5.7 percent during April to March, 2019-20 over the corresponding period of previous year.

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