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India’s index of industrial production (IIP) grew by 11.5 per cent in July, driven by a contracted base. It, however, substantially bridged the gap with the pre-pandemic level and remained marginally lower than the July 2019 figure, indicating a graded pick-up in industrial activities with the easing of curbs in key states following the waning of the second wave.

Barring consumer durables, all other use-based categories rebounded to or above the pre-Covid levels. Capital goods, a proxy for investment, rose by 29.5 per cent from a year before in July and returned to the pre-pandemic level, so did consumer non-durables (even though the latter dropped by 1.5 per cent year on year, due to restocking after the first wave).

However, consumer non-durables still trailed the pre-pandemic level by 8.3 per cent despite the fact that it went up by 20.2 per cent from a year before, aided by the base effect.

Mining, manufacturing and electricity recorded growth of 19.5 per cent, 10.5 per cent and 11.1 per cent respectively, driven by favourable base effect, according to a press release from the ministry of statistics and programme implementation. Manufacturing dropped by 2.1 per cent from the pre-pandemic level.

Fibre2Fashion News Desk (DS)

India’s index of industrial production grew by 11.5 per cent in July, driven by a contracted base. It, however, substantially bridged the gap with the pre-pandemic level and remained marginally lower than the July 2019 figure, indicating a graded pick-up in industrial activities with the easing of curbs in key states following the waning of the second wave.

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