IIP Data: Industrial production fell 1.6 per cent in January 2021
The industrial production was down 1.6 per cent in January from a year earlier, government data showed on Friday. According to a recent poll of analysts conducted by news agency Reuters, the industrial production was expected to rise 0.9 per cent year-on-year in January. The industrial production, or the factory output, is gauged by the Index of Industrial Production (IIP), declined 1.6 per cent in January, after registering a one per cent growth in December 2020. Separate government data showed that retail inflation rose 5.03 per cent in February 2021, due to higher food and fuel prices. (Also Read: Retail Inflation Rises To 5.03% In February Amid Rise In Food, Fuel Prices )
According to the Index of Industrial Production (IIP) data released by the Ministry of Statistics and Programme Implementation (MoSPI), the indices for the mining, manufacturing and the electricity sectors for the month of January 2021 stand at 119.7, 135.1 and 164.2 respectively.
” The January industrial output has contracted by -1.04 per cent and it’s a negative surprise from one per cent in December. The manufacturing activity still looks strong and there’s high demand so the growth will remain afloat,” said Rahul Gupta, Head of Research- Currency, Emkay Global Financial Services.