India's May infrastructure output at 5.1%: Government

Reuters
New Delhi, Delhi, India Published: Jul 01, 2019, 05.26 PM(IST)

File Photo: Labourers work at a construction site of a metro rail station in Kolkata, India July 2, 2018 Photograph:( Reuters )

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Infrastructure output, which comprises eight sectors such as coal, crude oil and electricity, accounts for nearly 40% of the country's industrial output.

India's infrastructure output grew 5.1% in May from a year earlier, government data showed on Monday. 

Infrastructure output, which comprises eight sectors such as coal, crude oil and electricity, accounts for nearly 40% of the country's industrial output.

This comes days after it was reported that India's May steel exports dropped to the

Country's finished steel exports in May fell to their lowest in three years as shipments to traditional markets in the European Union (EU) and Nepal shrank, preliminary government data reviewed by Reuters showed.

India exported 319,000 tonnes of finished steel in May, down 28 per cent from the same month last year and the lowest level since April 2016, the data showed. 

Steel exports to the EU dropped 55 per cent in May, led by fewer shipments to Italy, Belgium and Spain, which together made up about 80% of India's overall exports to the region.

That comes amid 'safeguard' measures by the EU that are designed to limit incoming steel and prevent a surge of imports as a result of Washington's 25 per cent import tariffs, which have effectively closed the U.S. market.

Indian exports to Italy slumped 65 per cent to 23,000 tonnes, according to the data. Exports to Spain fell 41% to 13,000 tonnes, while shipments to Belgium were down 42% at 25,000 tonnes.

India, which typically ships cold-rolled coil, galvanized steel and some long products such as bars and rods to the EU, saw a decline in these shipments by as much as 30 per cent.

Meanwhile, India's exports to Nepal, the top destination last year, were down 22 per cent at 63,000 tonnes. 

 

 

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