India's eight core sector output contracts sharply in May
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NEW DELHI, June 30 -- India's eight infrastructure sectors contracted sharply for the third month in a row in May, though lower than the record dip in April, with only fertilizer production registering positive growth.
In May, the core sector data released by the industry department showed output shrank 23.4% compared to 37% in April, mostly due to large decline in steel (48.4%), cement (22.2), electricity (15.6) and refinery products (21.3%).
The manufacturing Purchasing Manager's Index (PMI) released by IHS Markit earlier this month stood at 30.8 in May, slightly better than 27.4 recorded in April but still well below the 50 mark that divides contraction from expansion.
Prime Minister Narendra Modi and chairman of the 15th Finance Co...
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