Production of eight basic industries declined for the 5th consecutive month, 9.6% drop in July
Coronavirus battered the economy. (Symbolic picture)
new Delhi:
Eight basic Production of industries In the month of July, there has been a decline of 9.6 percent. This is the fifth consecutive month when production of basic industries has declined. Production of basic industries has declined mainly due to poor performance of steel, refinery products and cement sector.
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In July, 2019, production of eight basic industries grew by 2.6 percent. According to the data released by the Ministry of Commerce and Industry on Monday, production of seven sectors – coal, crude oil, natural gas, refinery products, steel, cement and power sector – declined in July, except fertilizer.
Steel production was down 16.5 percent in this month, 13.9 percent in refinery products, 13.5 percent in cement, 10.2 percent of natural gas, 5.7 percent of coal, 4.9 percent of crude oil and 2.3 percent of electricity. On the other hand, fertilizer production increased by 6.9 percent in July. Fertilizer production increased by 1.5 percent in July 2019.
Let us know that due to the coronavirus epidemic, there is a decline and sluggishness in every sector in the country. On Thursday, the GST Council met in which the Finance Minister Nirmala Sitharaman Said that the corona epidemic is a ‘divine event’ and is a factor which has affected the GST collection. He also said that this year we are facing an extraordinary situation. We are facing a divine disaster. We may also see a contraction.
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