The combined output of eight industrial sectors in India categorized as ‘core industries’ contracted by 4.6 percent year on year in February this year, recording the fastest rate of decline in six months, according to data released by the Indian government on Thursday, April 1.
The combined output of the eight core industrial sectors - coal, crude oil, steel, natural gas, refinery products, fertilizers, cement, and electricity - recorded a decline of 8.3 percent in the 11-month period from April 2020 to February this year, the data showed.
Steel sector output declined 1.8 percent in February, while cement production decreased by 5.5 percent, and the sharpest fall was recorded by refinery products, down 10.9 percent, all year on year.
Pointing out the 0.2 percent decline in electricity output, analysts said that, though the fall was marginal, the lack of growth in energy demand clearly indicates that the revival in manufacturing is still at a very slow pace as any healthy recovery would have ensured a faster growth in energy demand.