In India The Eight Core Sectors Growth Slows Down To 2.1p In The July
In the month July 2019 the growth of core industries in India have been fell to 2.1%. Its cumulative progress from April to July 2019-20 was 3%, as per information released by the government on Monday. These eight sectors, which are coal, crude oil, natural gas, refinery products, fertilizer, steel, cement, and electricity, grew by 7.3% on July 2018. In July 2019, the eight-core industries have included in determining the Index of Industrial Production (IIP).
The growth was dragged down mainly by coal, crude oil, natural gas, and petroleum refinery sectors. Crude Oil production declined by 4.4% in July, while its cumulative index fell by 6.2% during April to July 2019-20 over the corresponding period of earlier yr.
Natural Gas production declined by 0.5% in July 2019, and its cumulative index fell by 0.8% from April to July 2019-20. Petroleum Refinery production fell by 0.9% in July 2019 over July 2018. Its cumulative index declined by 2.0% during April to July 2019-20 over the corresponding period of the previous year.
Sectors such as fertilizers, steel cement, and electricity era bucked the trend registering the growth in July. Fertilizers production grew by 1.5%, steel production by 6.6%, cement production by 7.9% and electricity generation by 4.2%.
This data comes days after India’s GDP growth rate slowed to a six-year low of 5% for the first quarter of FY 2019-20. It was down from 5.8% in the fourth quarter of FY 2018-19.
In the year 2018-19, it was down in the fourth quarter. In the first quarter of the previous year the GDP progress was 8.2%. In the years’ time, the growth rate has fallen by 3% in the year. And the fourth successive year it has declined in the GDP from the first quarter of FY19 to 5% in this quarter. That is also the slowest growth from Q1 in the year 2013.
Shekhar looks after the editorial duties of the News column. He possesses a deep background in Share market and market research. Prior to joining Reliable Magazine, he was a full-time market investment adviser at Investing. Shekhar holds degrees in Finance and Economics from the University of Boston.