We are talking about business, we will also talk about the core sector, factory output, commerce, the industry, and the Indian economy, and also talk about the figures which are making a difference in primary industrial production. Because the growth rate of eight basic industries in the country has been 8.9% in June this year. With the increase in the production of Natural Gas, Steel, Coal, and Electricity, there have been better progress in the work of basic industries.
The 8 basic industries include coal, crude oil, natural gas, refinery products, fertilizers, steel, cement, and electricity. These had fallen by 12.4% in June last year. The reason for the decline in 8 basic industrial productions in June last year was the ‘lockdown’ imposed across the country to prevent the Covid-19 pandemic. The growth rate of basic industries was 16.3% in May this year, compared to 60.9% in April.
According to data from the Ministry of Commerce and Industry, the production of coal, natural gas, refinery products, steel, cement, and electricity grew by 7.4%, 20.6%, 2.4%, 25%, 4.3%, and 7.2%, respectively. In June last year, coal, natural gas, refinery products, steel, cement, and electricity production declined by 15.5%, 12%, 8.9%, 23.2%, 6.8%, and 10%, respectively.
Crude oil production declined by 1.8% in June, while it declined by 6% in June 2020. The fertilizer sector grew by 2% in June. During the April-June quarter of the current financial year, the growth rate of eight basic industries stood at 25.3% as compared to a decline of 23.8% in the corresponding quarter of the financial year 2020-21 a year ago.
If we know about the data for the year 2020, there was a decline of 9.% in the production of eight basic industries in July. This was the fifth consecutive month that production of basic industries declined. The output of basic industries was down mainly because of the poor performance of steel, refinery products, and cement sectors. Whereas in July 2019, the production of eight basic industries grew by 2.6 percent. Barring fertilizers, all seven sectors- coal, crude oil, natural gas, refinery products, steel, cement, and power saw a decline in output in July, according to data released by the Ministry of Commerce and Industry on Monday.
At the same time, steel production declined 16.5%, refinery products 13.9%, cement 13.5%, natural gas 10.2%, coal 5.7%, crude oil 4.9% and electricity 2.3% in the month under review. On the other hand, the production of fertilizers increased by 6.9% in July. Fertilizer production grew by 1.5% in July 2019.
