BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
ICRA Research Report
The low base of the nationwide lockdown expectedly boosted the year-on-year growth of the Index of Industrial Production to a series-high 134.4% in April 2021 (down 57.3% in April 2020) from the revised 24.1% in March 2021 (down 18.7% in March 2020), higher than our forecast (up 120.0%).
Given the comparability issues related to the lockdown in April 2020, we believe that assessing the growth in April 2021 relative to April 2019 provides a clearer signal of the underlying momentum in various sectors.
Encouragingly, the industrial output in April 2021 was in line with the April 2019 level (up 0.1%), driven by electricity (up 6.8%) and mining (up 0.2%), with a mild 0.9% decline in the manufacturing sector.
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