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Core sector output falls
Why is it in the news ?
- Growth in the eight core sectors of India’s economy declined by 5.2 per cent in September 2019.
- The eight core sectors expanded by 4.3% in September 2018.
More in the news
- The fall in core sector growth indicates the severity of the economic slowdown.
- Coal production fell steeply by 20.5%, crude oil by 5.4%, and natural gas by 4.9%.
- Output of refinery products (-6.7%), cement (-2.1%), steel (-0.3%), and electricity (-3.7%) too fell.
- About Core Sectors:
(1) Core industry can be defined as the main industry of the economy. It is particularly considered to be backbone of all other industries.
(2) In India, there are eight core sectors comprising of coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity.
(3) The electricity has the maximum weight of 10.32% followed by Steel (6.68%), Petroleum Refinery (5.94%) with Fertilizer production (1.25%) having lowest weight.
Source
The Hindu.