Indian Industry Sector Slump Down Due to Covid-19

Due to covid-19 Lockdown, the tragedy that every sector has to face is unrelenting. It is inconceivable how many months or years the entire society of India will face such disasters.

India’s economic growth has declined for the last 44 quarters, the last 11 years, according to the Central Statistics Office. Similarly, GDP for the fiscal year 2019-20 fell by 4.2 %.

India’s growth was 6.1 per cent in FY 2018-19. Due to the corona spread, the decline in GDP is expected to increase further in the April-June quarter.

Growth in India’s eight major sectors grew by a whopping 38.1 per cent in April 2020 from the previous month. That means a 38 % drop. major sectors grew by a whopping 38.1 per cent in April 2020 from the previous month. That means a 38 % drop.

• Cement fell 86 % in April 2020. Significant growth was 2.3 per cent in April 2019.
• Steel industry in India is touching the underworld. The steel industry is down 83.9 % in April 2020. Significant growth was 13.3 per cent in April 2019.
• Refinery products industry fell 24.2 % in April 2020. Significant growth was 4.3 per cent in April 2019.
• Electricity sector has fallen 22.8 % in April 2020. Significant growth was 5.9 per cent in April 2019.
• In April 2020, the natural gas industry fell 19.9 %. In April 2019, it fell 0.8 %.
• Coal has fallen by 15.5 % in April 2020. Significant growth was 3.2 per cent in April 2019.
• Crude oil fell 6.4 % in April 2020. It was down 6.7 % in April 2019.
• The only sector that has seen a very slow decline is fertilizers. In April 2020, the fertilizer industry fell 4.5 %. In April 2019, it fell 4.4 %.

Overall, the growth of the eight core industries declined by 38.1 % in April 2020. Significant growth was 5.2 per cent in April 2019.