UPSC 2020 Exam - NEWS Analysis 3
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Core Sector Output Falls by 5.2%
There seems to be no way out of the economic slump as the core sector output contracted by 5.2% in September. Seven out of the 8 core industries saw a decline in September. Coal production fell by 20.5%, crude oil by 5.4%, natural gas by 4.9%. The output of refinery products fell by 6.7%,
cement by 2.1%, steel by 0.3%, and electricity by 3.7%. Only the output of fertilizers recorded a growth of 5.4% in September.
The core sectors expanded by 4.3% last year at the same time. India Ratings and Research said the severity of the ongoing industrial slowdown is responsible for this and recovery may take time.
Aditi Nayar, principal economist at ICRA believes that due to the worsening of YoY performance of several lead indicators, the GDP (Gross Domestic Output) and GVA (Gross Value Added) growth may contract further in the second quarter. The economic growth of India expanded by 5% in the