Mumbai, April 9: India's index of industrial production (IIP) for the month of February 2020 has come in at 4.5 percent beating revised 2.1 percent in the preceding month amid the coronavirus lockdown. The latest data arrives at a time when nationwide lockdown is in place and industries have almost stopped their production as per government's instructions.
According to the National Statistical Office (NSO) data, IIP had grown by 0.2 percent in February 2019, while the output of manufacturing sector rose by 3.2 percent compared to contraction of 0.3 percent in the same month in 2019. The latest figure was calculated mainly on account of higher output in mining, manufacturing and electricity sector. Retail Inflation Relaxes to 6.59% in February as Against 7.59% in January; Industrial Output Surges by 2%.
Among the other variables that came out on Thursday inlcude mining growth for February 2020 which stood at 10 percent against revised 4.4 percent in the preceding month. Same was the situation with primary goods growth (7.4% against 1.8%), manufacturing sector (3.2% against 1.5%) and electricity growth (8.1% against 3.1%). While, it was opposite for capital goods growth (-9.7% against -4.3%), cons durable growth (-64% aganist -4%) and non-durables growth (zero percent against -0.3%). All the growth parameters are based on Month-on-Month (MoM) basis.
Meanwhile, International Monetory Fund Chief Kristalina Georgieva on Thursday warned that "global growth will turn sharply negative in 2020," with 170 of the IMF's 180 members experiencing a decline in per capita income. She perdicted that even in the best case the IMF expects only a "partial recovery" next year, and she urged governments to provide "lifelines" for businesses and households to "avoid a scarring of the economy that would make the recovery so much more difficult", add the news agency AFP.