Eight Core Industries' Output Surges By 16.8% In May: Commerce & Industry Ministry Data
As per the ministry, the combined index of eight core industries stood at 125.8 in May 2021, which increased by 16.8 percent as compared to the index of May last year.
The eight core industries, including coal, crude oil, natural gas, refinery products, fertilizers, steel, cement, and electricity, reported a surge in May after their output was logged at 16.8 percent, said a data released on Wednesday by the Union Commerce and Industry Ministry.
As per the ministry, the combined index of eight core industries stood at 125.8 in May 2021, which increased by 16.8 percent as compared to the index of May last year.
The production of coal, natural gas, refinery products, steel, cement, and electricity industries increased in May 2021 over the corresponding period of last year.
The spike has been registered mainly due to a low base effect and uptick in production of natural gas, refinery products, steel, cement, and electricity, the data showed.
The performance in May this year shows a sharp growth as opposed to last year when a contraction of 21.4 % was recorded in all eight sectors.
The decline was attributed to the economic slowdown courtesy of the Covid-19 pandemic.
The data showed that the production of natural gas, refinery products, steel, cement, and electricity jumped by 20.1%, 15.3%, 59.3%, 7.9%, and 7.3% in May.
These sectors witnessed contraction by (-) 16.8%, (-) 21.3%, (-) 40.4%, (-) 21.4% and (-) 14.8% respectively in May last year.
The coal production increased by 6.9 percent in May 2021, over May last year. Its cumulative index increased by 8.2 percent from April to May 2021-22 over the corresponding period of the previous year.
The fertiliser and crude oil segments recorded a negative growth during the month under review.
The fertilizers production decreased by 9.6 percent in May, 2021, over May last year and its cumulative index decreased by 3.9 percent during April to May, 2021-22 over the corresponding period of previous year, while the crude oil production declined by 6.3 percent in May, 2021, over May last year and its cumulative index declined by 4.2 percent during April to May, 2021-22 over the corresponding period of previous year.
The eight sectors grew by 35.8% during April-May this fiscal compared to a negative growth of 29.4% in the same period last year.
The country witnessed its sharpest dip in February this year, reversing two months of positive growth.
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