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Tuesday, June 02, 2020

India’s industrial output falls 16.7% in March: Government

The steep fall in IIP during March was mainly on account of a dismal show by mining, manufacturing and electricity sector due to the nationwide lockdown due to the coronavirus (COVID-19).

By: Express Web Desk | New Delhi | Updated: May 12, 2020 7:47:59 pm
india march iip industrial output, india march iip industrial production, india march 2020 iip industrial production data, india march 2020 iip falls 16.7 per cent, india april cpi retail inflation data, indian economy news, business news india, indian express business news The industrial growth during the fiscal year 2019-20 (April-March) slipped 0.7 per cent, compared to a 3.8 per cent rise in 2018-19, the data by Ministry of Statistics & Programme Implementation (MoSPI) showed.

The index of industrial production (IIP) witnessed a sharp decline of 16.7 per cent to 120.1 in the month of March, according to the data released by the Ministry of Statistics & Programme Implementation (MoSPI).

The IIP had grown 2.7 per cent in March 2019.

The industrial growth during the fiscal year 2019-20 (April-March) slipped 0.7 per cent, compared to a 3.8 per cent rise in 2018-19, the data showed.

The steep fall in IIP during March was mainly on account of a dismal show by mining, manufacturing and electricity sector due to the nationwide lockdown due to the coronavirus (COVID-19).

The manufacturing sector saw a contraction of 20.6 per cent on-year to 114.8 during the month of March, while the mining sector remained flat at 0.0 per cent at 132.7 and electricity sector witnessed a fall of 6.8 per cent at 149.2, the MoSPI data showed.

In March last year, the manufacturing sector had witnessed a growth of 3.1 per cent. During the same period, the mining sector had grown at 0.8 per cent and the electricity sector had witnessed a growth of 2.2 per cent, the data showed.

“In view of the global COVID-19 pandemic and consequent nationwide lockdown measures implemented since March, 2020, the data flow from the producing units was impacted. As some of these units are yet to resume operations, the response rate has been lower than usual,” the statement said.

In a separate release by MoSPI, the retail inflation which is measured by the Consumer Price Index (CPI), was revised to 5.84 per cent for the month of March. Last month, the provisional data released by the ministry showed a 5.91 per cent growth in consumer inflation. The provisional data for the month of April was not released.

“In view of the preventive measures and announcement of nation-wide lockdown by the Government to contain spread of COVID-19 pandemic, the price collection of Consumer Price Index (CPI) through personal visits of price collectors was suspended with effect from 19th March, 2020,” the release said.

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