India’s 8 Core Industries Shrank By 15%, Production Rate Again Negative in June, 2020

New Delhi : The production rate of eight core industries of India is again negative in June 2020. There was a 15 percent fall in the month of June. According to the IANS news agency, this information has come out from the official data released on Friday. However, the rate of decline in the index of eight major industries (ECI) has decreased on a serial basis due to the opening of economic activity. Contracting for the fourth consecutive month, the output of eight core infrastructure industries shrank by 15 per cent in June due to fall in the production of coal, crude oil, natural gas, steel, cement and electricity.

15 percent drop in June
The index for these eight major industries fell by 15 percent (provisional) in June on a serial basis, compared to a 22 percent drop in the previous month, i.e. May. In June 2019, the ECI index recorded a growth of 1.2 percent.

“Growth Rate Negative During April-June 2020-21”
“During April-June 2020-21, the growth rate was negative at 24.6 percent,” the Economic Advisory Office of the Department of Promotion of Industry and Internal Trade said in a statement. “After revising the final growth rate of the eight major industry indices for March 2020, the negative is 8.6 percent,” the statement said.

What are the eight major industries?
These eight major industries include coal, crude oil, natural gas, refinery products, fertilizer, steel, cement and electricity. ECI has more than 40 percent share in the industrial production index IIP