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India’s March Industrial Output Zooms on Low Base Effect

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The low base effect from last year’s nationwide lockdown powered the growth of India’s industrial output in March.

The Index of Industrial Production (IIP) for March accelerated by 22.4 percent over the same month a year ago, and a contraction of 3.4 percent was reported for February.

On a fiscal basis, the IIP contracted by (-) 8.6 percent in FY21 from (-)0.8 percent during the April-March period of the previous financial year.

“For the month of March 2021, the Quick Estimates of IIP with base 2011-12 stands at 143.4,” the Ministry of Statistics and Programme Implementation said.

“The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of March 2021 stand at 139, 140.4 and 180 respectively.”

Among the major segments, manufacturing production rose by 25.8 percent from a fall of (-) 22.8 percent reported for the corresponding month of 2020.

Similarly, mining output grew 6.1 percent on a YoY basis from (-) 1.3 percent during the like period of the previous year.

Besides, electricity generation climbed up by 22.5 per cent from a fall of (-) 8.2 per cent during March 2020.

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