India Business News: The output of eight core sectors jumped by 56.1 per cent in April mainly due to a low base effect and uptick in production of natural gas, refinery pr
The government has taken initiatives under the Atmanirbhar Abhiyan to spur domestic production of steel.
The average growth rate of industrial production of eight core industries started showing signs of recovery after a steep decline in April 2020 but still clocked a decline of 1.3 per cent in December, compared with a contraction of 1.4 per cent in November. Only the coal and electricity sectors clocked positive growth in December 2020, government data shows. The eight core Industries includes coal, crude oil, natural gas, petroleum refinery, fertilisers, steel, cement and electricity.
The Covid-19 pandemic adversely impacted some of the major economies of the world such as the US, European Union, the UK and Japan. Similarly in India, several sectors were affected due to the nation-wide lockdown to help curb the spread of Covid-19. However, after the pandemic-imposed lockdown was relaxed, improvement has been seen in several sectors of the economy.