The output of eight core industries contracted by a whopping 38 per cent in April due to the COVID-induced nationwide lockdown, data released by the Ministry of Commerce and Industry showed on Friday. "The growth rate of index of right core industries for April declined by 38.1 per cent (provisional) compared to decline of 9 per cent (provisional) in the previous month of March," the report said.
The overall output was weighed down by the indices of various industries including coal, cement, steel, natural gas, refinery and crude oil, the government data shows. These sectors experienced substantial loss of production.
The eight core sectors had expanded by 5.2 per cent in April 2019, the data released by the Commerce and Industry Ministry on Friday showed.
Economic activities around the world had come to a standstill in April due to the coronavirus pandemic.
