Categories: Business

March IIP contracts by 16.7 percent


March IIP contracts

new Delhi. In the month of March, industrial production has seen a record decline due to the Corona crisis. IIP (Index of Industrial Production) declined by 16.7% during the month. Which is the biggest decline of the index till date. The IIP was up 4.5 per cent in February itself, the highest level in the past 7 months. At the same time last year, industrial production grew by 2.7 percent.

Manufacturing production declined by 20.6 percent during March. Also, there was a 6.8 percent fall in electricity production. The sharp decline in March resulted in a 0.7 per cent drop in IIP for the entire financial year.

The corona crisis is the main reason for the decline in industrial production. In fact, the pressure on production was already there due to the epidemic, with the lockdown that began on March 25, the production decline further deepened. It is believed that the fall in April will be deeper as the first 20 days of April barred all essential business activities except essential commodities. Even after 20 April, limited discounts with conditions in production.

This post was published on May 12, 2020 7:46 pm

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