India Core Sector Update - Base Effect Hides Monthly Decline: CARE Ratings
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CARE Ratings Research Report
India’s core sector output grew by 8.9% in June 2021 against a contraction of 12.4% in June 2020, mainly on account of eased restriction and improved mobility coupled with low-base effect.
On a sequential basis, core sector output registered a marginal growth of 1.1% in June compared with May, which shows that economy is probably showing some initial signs of recovery.
E-way bill generation and exports gained momentum in June. Automobile production also ramped up and power and fuel demand picked up owing to increased mobility.
Of the eight sectors, all except crude oil registered positive growth in June on yearly basis.
Steel and natural gas output grew at 25% and 20.6% respectively, while crude oil output contracted 1.8%.
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