IIP Data: Industrial production shrank by 1.9 per cent in November 2020
Industrial production in the country contracted by 1.9 per cent in November 2020, after registering a growth in October, government data showed on Tuesday, January 12. According to the Index of Industrial Production (IIP) data, the manufacturing sector output shrank by 1.7 per cent in November 2020. The mining output also contracted 7.3 per cent, while power generation grew 3.5 per cent. The IIP had grown by 2.1 per cent in the corresponding month of 2019. Industrial production has been hit due to the COVID-19 pandemic since March 2020, when the IIP declined by 18.7 per cent in the month. (
Industrial production or the factory output is gauged by the Index of Industrial Production (IIP) that takes into consideration, the activity recorded in sectors such as mining, manufacturing, and electricity.
Industrial Output Snaps Recovery With 2.6% Contraction In Eight Core Sectors Industrial Output Snaps Recovery With 2.6% Contraction In Eight Core Sectors In November 2020, the output of eight core sectors contracted by 2.6 per cent year-on-year as against the 0.7 per cent growth registered in the same month of last year
In October 2020, output grew despite the contraction in eight core sectors by 2.5 per cent.
The output of eight core sectors contracted by 2.6 per cent in November 2020, mainly ascribed to a decline in the prediction of crude oil, refineries, natural gas, steel, and cement. According to data released by the commerce and industry ministry showed on Thursday, December 31, the production of the core sectors had registered a growth of 0.7 per cent in the corresponding month last year. The output of the core sectors remained in the negative trajectory for the ninth consecutive month. After showing recovery signs in September this year, the output growth