Core Sectors of the Indian Economy
CONTEXT:
Indian economy is showing revival in its core sectors, their output and growth after the lockdown period which pulled the market at lowest levels.
FOR PRELIMS:
- Indian government Ministry of Commerce revealed data which shows that Eight core sectors of the Indian economy showed growth of 8.9% in June 2021.
- The main reasons cited for this includes low base effect and increase in the production of coal, gas, steel and electricity.
- The Eight core sectors namely
- Coal
- Steel
- Electricity
- Cement
- Fertilizers
- Natural Gas
- Refinery products
- Crude oil
- These sectors pulled back market forces by 12.4% in June 2020 due to lockdown restrictions.
- Production of coal, natural gas, refinery products, steel, cement and electricity jumped by 7.4 per cent, 20.6 per cent, 2.4 per cent, 25 per cent, 4.3 per cent and 7.2 per cent, respectively, in June 2021.
- All these showed negative rates in June 2020.
- The index of industrial production (IIP), in which core sector output weighs in at 40%, could grow at 12%-17% in June
Sources
- The Hindu
- Indian express
