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India’s core industrial output plunges by over 23% in May

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India is the fastest growing market in the world for paperNew Delhi (IANS) Output pace of India”s eight major industries plunged in May 2020 by over 23 per cent, official data showed on Tuesday.

However, the rate of fall in the Index of Eight Core Industries decelerated on a sequential basis on account of partial opening of economic activities during May 2020.

On a sequential basis, the Index of Eight Core Industries for May 2020 declined by 23.4 per cent (provisional) compared to decline of 37 per cent (provisional) during the previous month of April 2020.

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The eight core industries include coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity. The ECI comprises over 40 per cent of the weight of items included in the Index of Industrial Production (IIP).

“In view of nationwide lockdown during April and May 2020 due to Covid-19 pandemic, various industries viz. coal, cement, steel, natural gas, refinery, crude oil etc. experienced substantial loss of production,” the Ministry of Commerce and Industry said in a statement.

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“Final growth rate of Index of Eight Core Industries for February 2020 is revised at 6.4 per cent.”

–IANS

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