Eight industry sectors report record growth in production, despite Coronavirus crisis

New Delhi: Financial transactions were adversely affected due to the restrictions imposed, in the country, given the Coronavirus crisis. The growth recorded for the fiscal ending in March has been -7%. Despite this, eight main industry sectors have reported a major increase in production. The union government announced that a growth of 56.1% was recorded in these sectors. As per economists, this increase in production is encouraging and indicates how the Indian economy will progress in 2021-22.

As per the information released by the Commerce and industry ministry, on Monday, natural gas, refinery products, steel, cement and electricity production sector have reported 25%, 30.9%, 400%, 548% and 38.7%, respectively. Last year, in April, these five sectors had reported a production decline of 19.9%,24.2%, 82.8%, 85.2% and 22.9%, respectively.

In April, growth has been reported, even in coal and fertiliser production. Only the production of crude oil has declined by 2.1%. It is being reported that India will maintain an economic growth rate between 10% to 12% for the current fiscal. Analysts claim that India will emerge as the fastest-growing economy in the world, despite the Corona crisis. Against this background, the growth reported in these important sectors is significant.