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Industrial Production shows signs of recovery in May month

By TIOL News Service

NEW DELHI, JULY 10, 2020: In view of the preventive measures and announcement of nation-wide lockdown by the Government to contain spread of COVID-19 pandemic, majority of the industrial sector establishments were not operating from the end of March, 2020 onwards. This has had an impact on the items being produced by the establishments during the period of lockdown and the subsequent periods of conditional relaxations in restrictions. The Index for the month of May 2020 stands at 88.4 as compared to 53.6 for April 2020, indicating a graded pickup in industrial activity in the economy.

The number of units responding has improved in May 2020 as compared to the earlier months of lockdown. The weighted response rate at time of QE of April 2020 was 87 percent which is now revised upwards to 91 percent at first revision.

For the month of May 2020, the Quick Estimates of Index of Industrial Production (IIP) with base 2011-12 stands at 88.4. The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of May 2020 stand at 87.0, 82.4 and 149.6 respectively. The Quick Estimates will undergo revision in subsequent releases as per the revision policy of IIP.

As per Use-based classification, the indices stand at 105.5 for Primary Goods, 37.1 for Capital Goods, 77.6 for Intermediate Goods and 84.1 for Infrastructure/ Construction Goods (Statement III) for the month of May 2020.  Further, the indices for Consumer durables and Consumer non-durables stand at 42.2 and 132.3 respectively for the month of May 2020.

Statements giving Quick Estimates of the Index of Industrial Production for the month of May 2020 at Sectoral, 2-digit level of National Industrial Classification (NIC-2008) and by Use-based classification are given at Statements I, II and III respectively. As mentioned in the Press Release for the IIP for April, 2020, it may not be appropriate to compare the IIP for May 2020 with those of months preceding the COVID 2019 pandemic .

Along with the Quick Estimates of IIP for the month of May 2020, the indices for April 2020 have undergone the first revision and those for February 2020 have undergone the final revision in the light of the updated data received from the source agencies. The Quick Estimates for May 2020 have been compiled at a weighted response rate of 86 percent, the first revision for April 2020 at a weighted response rate of 91 percent and the final revision for February, 2020 at a weighted response rate of 92 percent.