India's Industrial Output In May Falls 8% Over April
The Index of Industrial Production fell 8% over the previous month because of the second wave's impact.
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.
Sectoral Estimates
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.