India’s factory output plummeted to record lows in March, with the Index of Industrial Production contracting 16.7%, reflecting the drastic impact of the countrywide lockdown that started on March25 This comes after a favorable growth of 4.5%tape-recorded in February
Manufacturing sector output plunged 20%in March, while electrical energy generation diminished almost 7%, according to information released on Tuesday by the Ministry of Statistics and Program Application. The mining sector remained flat, with no growth or contraction in output.
” I have been looking at IIP information from April 1982 onward, and this is the most significant ever contraction since then. It is no surprise, as all commercial activity was halted for one week, apart from State-level lockdowns which started earlier,” said D.K. Pant, primary economist of India Scores and Research, part of the Fitch group.
” April is going to be much worse. I would forecast a 60-70?crease,” said Pronab Sen, noteworthy economist and previous Ch