Production performance of eight major industrial sectors fell by 8 point 5 per cent
Production performance in eight key industries, the backbone of the country’s economy, continued to decline for the sixth consecutive month, declining by another 8.5 per cent year-on-year in August, according to official data released by the government on Wednesday.
According to the Commerce and Industry Ministry, August saw a sharp decline in steel, cement and refinery products. It is noteworthy that in August last year, the output of eight major industrial sectors was 0.2 per cent. This year’s August performance has been compared to its original poor performance.
With the exception of the coal and fertilizer industries, the decline in production performance of other important industries such as oil, natural gas, refinery products, steel, cement and power generation is on the rise.
During the five months from April to August of the current 2020-21 financial year, the manufacturing performance of these core industries declined by 17.8 per cent. It had grown by 2.5 per cent in the same five months last year.