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LATEST NEWS UPDATES | Core’s contraction: On slowing economy

Core’s contraction: On slowing economy

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published Published on Jul 3, 2020   modified Modified on Jul 3, 2020

-The Hindu

As output and demand slow, India must retain twin focus on the pandemic and economy

Output in the eight core industries suffered an overall contraction for a third straight month in May, shrinking 23.4%, as the pandemic-induced lockdown kept large parts of the economy shuttered, the Commerce Ministry’s provisional figures show. Of the eight, all but one posted declines in production compared with a year earlier, with six sectors witnessing double-digit drops. Steel and cement were the worst hit, slumping 48.4% and 22.2%, respectively, as construction activity and infrastructure projects remained mostly stalled. Refinery products, with the largest weight in the index contributing 28%, contracted 21.3% as the curbs on vehicular movement stymied demand for automobile fuels. And crude oil and natural gas continued their slide adding to the problems dogging India’s hydrocarbon exploration and production industry. Coal production also fell for a second straight month, declining 14%, as the lack of demand for electricity from the nation’s factories depressed power production as well as the need for the key thermal plant fuel. Output of electricity fell 15.6%, a slight improvement from April’s 23% slump, aided by the partial easing of restrictions and peak summer consumption by households. The only silver lining came from the fertilizer industry, as production rose 7.5% reversing the slump seen in the preceding two months and signalling robust activity in the agricultural sector at the start of the kharif season. The Finance Ministry had on June 23 cited a near doubling in fertilizer sales in May as indicative of “early green shoots of economic revival”.

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The Hindu, 3 July, 2020, https://www.thehindu.com/opinion/editorial/cores-contraction-the-hindu-editorial-on-slowing-economy/article31973640.ece?homepage=true


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