Manufacturing

Industrial Production Output Grew By 1 % in December 2020

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In a positive news update from Indian industrial segment, reports have been confirmed that Industrial production grew by 1 per cent in December, entering the positive territory after a month gap, mainly due to better performance of the manufacturing sector, official data showed.

The manufacturing sector — which constitutes 77.63 per cent of the index of industrial production (IIP) — recorded a growth of 1.6 per cent in December 2020, as per the data released by the National Statistical Office (NSO).

Mining sector output declined by 4.8 per cent in December 2020. However, power generation grew by 5.1 per cent.

The index had grown by 0.4 per cent in December 2019.

The industrial production had plunged 18.7 per cent in March last year following the COVID-19 outbreak and remained in the negative zone till August 2020. With the resumption of economic activities, factory output posted growth of one per cent in September. The IIP had grown by 4.2% in October. In November 2020, the factory output contracted by 2.1%, a tad higher than the provisional estimates of 1.9% decline. The govt had imposed a lockdown to contain the spread of COVID-19 infections on March 25, 2020.With the gradual relaxation of restrictions, there has been a relative improvement in the economic activities by varying degrees as well as in data reporting, the Ministry of Statistics and Programme Implementation had said in a statement issued in November.

SMEStreet Edit Desk

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