The deceleration in the production rate of India's eight major industries' narrowed on a sequential basis in July, but remained deep in the red on a year-on-year count.
As per the official data, the Index of Eight Core Industries for July declined by (-) 9.6 percent (provisional) compared to decline of (-) 12.9 percent (revised) during the previous month (June).
Though not comparable, the ECI index had shown a growth of 2.6 percent in July 2019.
"The combined Index of Eight Core Industries stood at 119.9 in July, 2020, which declined by 9.6 (provisional) percent as compared to the Index of July, 2019. Its cumulative growth during April to July, 2020-21 was (-) 20.5 percent," said the Office of Economic Adviser, DPIIT in the Index of Eight Core Industries for July, 2020.
"Final growth rate of the Index of Eight Core Industries for April 2020 is revised at (-) 37.9 per cent. The Eight Core Industries comprise 40.27 percent of the weight of items included in the Index of Industrial Production (IIP)." (IANS) Source: https://southasiamonitor.org/
