Economy > Economy - general
16 March 2021
Industrial production in the country declined by 1.6 per cent year-on-year in January2021, despite the 0.4 per cent growth in real GDP recorded in fiscal third quarter (October-December 2020-21), belying the government’s claim of the beginning of a broad-based economic recovery.
Industrial output had risen by 1.6 per cent in December, according to revised estimates.
The decline in industrial production has badly affected the manufacturing sector, which has over 77 per cent weightage in the index of industrial production (IIP), contracting by 2 per cent, against the 2.1 per cent growth recorded in December 2020.
The data points to recovery still being patchy and the rising covid cases could cast a shadow over the momentum in coming months.