Core Industries Shrink, Highlighting Economic Distress

India's macroeconomic indicators reflect emerging distress, with the Index of Eight Core Industries growing by a mere half percent in May. Critical sectors, including domestic crude oil, natural gas, and coal production, registered notable contractions. Concurrently, domestic Goods and Services Tax revenues declined, indicating sluggish economic activity. Economists attribute this downturn to suppressed consumer demand, driven by persistently low real wage growth and mounting inflationary pressures.