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ICRA Research Report
The improving base caused the Index of Industrial Production growth to more-than-halve to 13.6% in June 2021 from 28.6% in May 2021.
Nevertheless, with the gradual lifting of restrictions by the states, the IIP recorded a sequential uptick of 5.7% in June 2021, led by manufacturing, while remaining subdued relative to the April 2021 as well as the pre-Covid-19 level, highlighting that the recovery was far from complete.
With the continued unlocking, several of the available high frequency indicators for July 2021, such as coal output, electricity demand, generation of goods and services tax e-way bills, non-oil merchandise exports, vehicle registrations, auto production and petrol consumption have climbed above their pre-Covid (July 2019) level.
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