Eight core industries' output up 16.8% in May due to low base effect

01 Jul 2021 Evaluate

The growth of eight core infrastructure industries grew by 16.8 percent in May 2021 as compared to same month last year, mainly due to a low base effect and uptick in production of natural gas, refinery products, steel, cement and electricity. The eight infrastructure sectors had contracted by 21.4 percent in May 2020 due to the lockdown restrictions imposed to control the spread of the COVID-19 infections. In March this year, these key sectors had recorded a growth of 11.4 percent, and 60.9 percent in April. The Eight Core Industries - coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity - comprise 40.27% 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 6.9 percent in May, 2021 over May, 2020 and its cumulative index increased by 8.2 percent during April to May, 2021-22 over corresponding period of the previous year. Natural Gas production having 6.88 percent weight increased by 20.1 percent in May, 2021 over May, 2020 and its cumulative index increased by 22.5 per cent during April to May, 2021-22 over the corresponding period of previous year. Petroleum Refinery production having 28.04 percent weight increased by 15.3 percent in May, 2021 over May, 2020 and its cumulative index increased by 22.8 per cent during April to May, 2021-22 over the corresponding period of previous year.

Steel production having 17.92 percent weight increased by 59.3 percent in May, 2021 over May, 2020 and its cumulative index increased by 149.5 per cent during April to May, 2021-22 over the corresponding period of previous year. Cement production having 5.37 percent weight increased by 7.9 percent in May, 2021 over May, 2020 and its cumulative index increased by 100.4 per cent during April to May, 2021-22 over the corresponding period of previous year. Electricity generation having 19.85 percent weight increased by 7.3 percent in May, 2021 over May, 2020 and its cumulative index increased by 21.5 per cent during April to May, 2021-22 over the corresponding period of previous year.

On the flip side, Crude Oil production having 8.98 percent weight declined by 6.3 percent in May, 2021 over May, 2020 and its cumulative index declined by 4.2 per cent during April to May, 2021-22 over the corresponding period of previous year. Fertilizers production having 2.63 percent weight decreased by 9.6 percent in May, 2021 over May, 2020 and its cumulative index decreased by 3.9 per cent during April to May, 2021-22 over the corresponding period of previous year.

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