Industrial production declines 16.7% in March 2020 amid COVID-19 lockdown

New Delhi: India’s industrial output declined by 16.7 per cent in March, primarily on account of the poor present by mining, manufacturing and electrical energy sector because of the nationwide lockdown, in line with National Statistical Office (NSO) information launched on Tuesday (May 12).

Manufacturing sector output fell by 20.6 per cent in comparison with a development of three.1 per cent in the identical month a yr in the past.

In view of the worldwide COVID-19 pandemic and consequent nationwide lockdown measures carried out since March 2020, the info move from the manufacturing models was impacted. As a few of these models are but to renew operations, the response price has been decrease than ordinary. Consequently, the Quick Estimates are prone to endure revision and will likely be included in subsequent releases as per the revision coverage of IIP, mentioned the official assertion.

The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of March 2020 stand at 132.7, 114.eight and 149.2 respectively. 

As per use-based classification, the indices stand at 135.6 for Primary Goods, 76.four for Capital Goods, 125.eight for Intermediate Goods, and 118.four for Infrastructure/ Construction Goods for the month of March 2020. Further, the indices for Consumer durables and Consumer non-durables stand at 88.1 and 131.2 respectively for the month of March 2020.

Along with the Quick Estimates of IIP for the month of March 2020, the indices for February 2020 have undergone the primary revision and people for December 2019 have undergone the ultimate revision in the sunshine of the up to date information acquired from the supply businesses. 

The Quick Estimates for March 2020 have been compiled at a weighted response price of 73 p.c, the primary revision for February 2020 had a weighted response price of 88 p.c and the ultimate revision for December 2019 had a weighted response price of 94 p.c, it mentioned.

Notably, the Quick Estimates of Index of Industrial Production (IIP) is launched on the 12th of each month with a six weeks lag and compiled with information acquired from supply businesses, who in flip obtain the info from the manufacturing factories/ institutions.  

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