The production of eight basic industries in the country declined by 4.6 per cent on an annual basis in the month of February this year. This information has been given in the official data released on Wednesday. The production of these basic sector industries – coal, crude oil, mineral gas, petroleum products, fertilizers, steel, cement and electricity – grew by 6.4 per cent in February 2020 compared to the year before.
Coal, crude oil production declines
According to the press release, this time in February, the production of coal, crude oil, mineral gas, petroleum products, fertilizers, steel, cement and electricity were 4.4 per cent, 3.2 per cent, 1 per cent, 10.9 per cent, 3.7 per cent, 1.8 per cent respectively. , Down by 5.5 per cent and 0.2 per cent.
According to the data released by the Ministry of Commerce and Industry, the production of these eight industries declined by 8.3 percent on an annual basis during the first 11 months of the current financial year i.e. April-February 2020-21. In the last financial year, their production registered a growth of 1.3 percent during the same period.
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Current account deficit reduced in December quarter
At the same time, the country’s current account deficit (CAD) decreased to $ 1.7 billion, or 0.2 percent of gross domestic product (GDP) in the December quarter. According to data released on Wednesday by the Reserve Bank of India (RBI), CAD was $ 2.6 billion, or 0.4 percent of GDP, in the December quarter a year ago.
According to the data, there was a surplus situation in the current account in the last two quarters in the current financial year. This surplus stood at $ 15.1 billion and $ 19 billion respectively. The current account deficit is an important measure to measure a country’s position in the transaction of transactions with global markets. It had a surplus of 1.7 per cent in the first nine months of the current financial year, compared to a deficit of 1.2 per cent in 2019-20 a year earlier.
According to the RBI, the goods trade deficit increased to $ 34.5 billion in the December quarter from $ 14.8 billion in the previous quarter. Apart from this, payment of net investment income also increased.