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Industrial production contracts 1.9% in Nov
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SME Times News Bureau | 12 Jan, 2021
India's industrial production activity decelerated by 1.9 per cent in
November 2020 on a year-on-year (YoY) basis, according to data from the
Ministry of Statistics and Programme Implementation.
The factory output in the country had grown at 3.6 per cent in October.
The
overall decline in industrial production came on the back of a shrink
in mining and manufacturing activity. Sector-wise mining and
manufacturing output witnessed de-growth of 7.3 per cent and 1.7 per
cent, while electricity output grew by 3.5 per cent in November 2020.
Rajani
Sinha, Chief Economist & National Director, Research at Knight
Frank India said: "The contraction in IIP for November is not surprising
as the other high frequency economic indicators were also showing a
moderation in growth."
She noted that a lot of economic revival
seen in the previous few months had been because of pent-up demand and
festive demand, hence the growth momentum was expected to moderate.
"With
daily Covid infection rate reducing, vaccine round the corner and the
economy close to normalcy, the critical aspect will be at what level the
growth momentum stabilises," Sinha added.
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