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IIP grows 3.6%; logs highest growth since the end of March
IIP grows 3.6%; logs highest growth since the end of March
Signalling steady recovery trends, India’s factory output expanded for the consecutive second month in October 2020.
Signalling steady recovery trends, India's factory output expanded for the consecutive second month in October 2020. Industrial output of the country for the month of October this year stood at 3.6 per cent, against 0.5 per cent in the previous month.
According to the Ministry of Statistics and Programme Implementation data released earlier, the Index of Industrial Production (IIP) logged the highest growth since the end of March when the COVID-19 hit lockdowns came into the force.
The previous high was in February 2020, when IIP rose 5.2 per cent. Factory output had grown 0.48 per cent in September, the first time it did so after February 2020.
As per the data, in October, manufacturing sector production witnessed a growth of 3.5 per cent and electricity grew 11.2 per cent while mining contracted 1.5 per cent. For the same period in 2019, IIP had contracted 6.6 per cent.
IIP is a key economic indicator of the manufacturing sector. The Eight Core Industries, Electricity, steel, refinery products, crude oil, coal, cement, natural gas and fertilisers comprise more than 40 per cent of the weight of items included in the Index of Industrial Production (IIP).
