Official data released by the government made it clear that the growth rate of eight core industries in the country has slipped down in the month of july. Growth of eight core industries has slowed down to 2.1% in July as against 7.3% in 2018, July.
The reason for the slowdown of growth rate is the contraction in in coal, crude oil, natural gas and refinery products. The output of coal, crude oil, natural gas and other refinery products recorded negative growth in July.
In the last July, the eight core industries – coal, oil, natural gas, refinery products, fertiliser, steel, cement and electricity- has a growth rate of 7.3%. During Aprile -July, these eight sectors grew by 3% compared to 5.9% in the April-July 2018.
These eight core industries comprises 40.27% of the weight of items included in the Index of Industrial Production.