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Eight core industries' output shrinks 4.6% in Feb

All eight core industries reported decline in output during February 2021. However, electricity production, in line with recent trends, saw only a marginal decline of 0.2 per cent

twitter-logoBusinessToday.In | March 31, 2021 | Updated 18:34 IST
Eight core industries' output shrinks 4.6% in Feb
All eight core industries reported decline in February

The output for eight core industries decline 4.6 per cent during February 2021 as production levels in petroleum products, cement and coal took a hit. All sectors reported decline in output during the month under review. Electricity production, in line with recent trends, saw only a marginal decline.

The cumulative growth during April to February, 2020-21 has been pegged at (-) 8.3 per cent, showed data released by Ministry of Commerce and Industry on Wednesday. Growth in eight core industries has remained in negative territory for eight out of 11 months of FY21. While the first three post-lockdown months - April, May and June - recorded double-digit declines, the trend was showing signs of revival with marginal growth in January and December. The decline in growth during February is a distressing development.

Petroleum refinery production saw the biggest decline in February at 10.9 per cent, followed by cement and coal at 5.5 per cent and 4.4 per cent, respectively. Fertiliser production fell 3.7 per cent, while crude oil, steel and natural gas reported 3.2 per cent, 1.8 per cent and 1 per cent de-growth, respectively, during the month. Electricity production saw a marginal decline of 0.2 per cent.

The ministry has also revised the Index of Eight Core Industries for November 2020 to (-) 1.1 per cent from its provisional level of (-) 2.6 per cent. Meanwhile, the provisional growth rate for January 2021 was revised to 0.9 per cent in the latest data from 0.1 per cent reported last month.

The eight core industries account for 40.27 per cent of the weight of items included in the Index of Industrial Production (IIP).

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