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Eight core sector output contracts sharply for the fourth month in June

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Eight core industries

India’s eight infrastructure sectors contracted sharply for the fourth month in a row in June with only fertilizer production registering a growth. The contraction though was lower than that seen in May.

Data released by the industry department on Friday showed core sector shrank 15% in June compared to 22% in May, mostly due to large dip in output of steel (-33.8%), coal (-15.5%), electricity (-11%) and natural gas (-12%). Fertiliser output grew 4.2% in June but lower than 7.5% growth registered in May.

Data separately released by the Controller General of Accounts (CGA) showed the Centre exhausted 83.2% of fiscal deficit in the first quarter of FY21 against 61.4% during the same period a year ago.

The International Monetary Fund (IMF) on Wednesday said high frequency indicators signal plateauing of economic recovery in India as the positive impact from exit is not as strong as the negative impact of the lockdown. It urged the government to urgently contain the spread of the coronavirus pandemic on a priority to make economic recovery sustainable.

The IMF has estimated Indian economy to contract by 4.5% in FY21 while Goldman Sachs expects June quarter to be the worst with GDP shrinking by 45% as business activity came to a standstill for at least two months due to stringent lockdown measures.

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