New Delhi: Hours after finance minister Nirmala Sitharaman announced a massive Rs 102 lakh crore national infrastructure plan on Tuesday aimed at achieving a $5 trillion economy by 2024-25, dismal news on the infrastructure front continued to flow in with core sector output growth shrinking to 1.5% in November 2019, against 3.3% in the same month last year.
In fact, five of the eight sectors -- coal, crude oil, natural gas, steel, and electricity -- saw negative growth, as per official data released on Tuesday.
This is the fourth consecutive month in which core sector output has shrunk as the country reels under an economic slowdown.
The growth rate of cement production dropped to 4.1% from 8.8% in November 2018.
The output growth rate of coal, crude oil and natural gas stood negative in November 2019 at -2.5%, -6% and -6.4%, respectively, while steel and electricity output also remained negative at -3.7% and -5.7%, respectively, against 5.3% growth and 5.7% in November 2018.
The output of refinery products and fertilisers increased by 3.1% and 13.6%, respectively in November 2019 over the year-ago month.
During the April-November period, core industries recorded flat growth (0%) against 5.1% in the year-ago period.
Since August the eight core sectors are recording negative growth.
(with inputs from PTI)