India's Industrial Output In May Falls 8% Over April
India’s industrial output continued to moderate in May led by the impact of the second wave of Covid infections.
The Index of Industrial Production fell 8% in May over the previous month as localised lockdowns curtailed activity. Over a year ago, when a nationwide lockdown was in place, industrial output was higher by 23.9%, according to data released by the Ministry of Statistics and Programme Implementation on Monday.
Thirty three economists polled by Bloomberg had forecast 32% growth in industrial output in May compared to a year ago.
Among the three key sectors, manufacturing and electricity saw a fall in output, while mining activity held steady.
Mining output rose marginally by 0.5% in May compared to April.
Manufacturing output fell 9.6% month-on-month.
Electricity output fell by 6.9% in May over April.
Industrial output, as classified by the end-use of goods, indicated a contraction across industries.
Primary goods output contracted 2.9% month-on-month.
Capital goods output fell 18%.
Intermediate goods output declined by 6.7% on a monthly basis.
Infrastructure and construction goods output saw a decline of 8.1%.
Consumer durables output dropped by 27.7% from last month.
Consumer non-durables output contracted by 3.7% on a month-on-month basis.