IIP - Industrial Output Rose 11.5% In July, Trailing Pre-Covid Level: ICRA
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ICRA Research Report
The pace of growth of the Index of Industrial Production decelerated to 11.5% in July 2021 (down 10.5% in July 2020) from 13.6% in June 2021 (down 16.6% in June 2020), with the healthy sequential up-move benefitting from easing restrictions and rising mobility, being dwarfed by the continued normalisation of the base.
The IIP recorded a month-on-month uptick of 7.2% in July 2021, led by manufacturing (up 8.2%) and electricity (up 9.2%).
Industrial output in July 2021 trailed the pre-Covid-19 level by a marginal 0.3%, on account of the drag imposed by consumer durables on manufacturing, whereas mining and electricity posted an improvement relative to their July 2019 levels.
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