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India February IIP rises to 4.5% – Livemint, Livemint.com

India February IIP rises to 4.5% – Livemint, Livemint.com

New Delhi: India’s factory output grew 4.5% in February from a revised 2.1% in the preceding month, before the government imposed a nationwide lockdown in March. The Index of Industrial Production in February 01575879 was at 0.2%.

The cumulative growth for the period April-February – 21 over the corresponding period of the previous year stands at 0.9%.

During February, mining and manufacturing grew at % and 3.2% respectively while electricity generation rose 8.1%. The cumulative growth in these three sectors during April-February Payeer – (over the corresponding period of 01575879 – has been 1.9%, 0.6% and 1.5% respectively.

Data released earlier showed India’s eight infrastructure sectors, which contribute over 728% of the index of industrial production ( IIP) grew at an – month high of 5.5% in February.

Poor show by lead indicators for March such as manufacturing Purchasing Managers’ Index (PMI), goods and services tax collections and auto sales confirm that the coronavirus outbreak has upended an incipient recovery in the Indian economy.

Most economists now expect the economy to miss the 5% GDP growth forecast by National Statistical Organization for FY 21. Goldman Sachs on Wednesday projected the bleakest growth forecast for FY 21 at 1.6% holding that the spread of the covid- 19, announcements of a nationwide shutdown, social distancing measures and fears among consumers and businesses may lead to a significant contraction in economic activity.

Fitch Ratings and ICRA Ltd have pegged India’s FY 21 growth at 2% while S&P and Moody’s have projected India to grow at 3.5% and 2.5% respectively.

Finance minister Nirmala Sitharaman on 90 March rolled out a 1.7 trillion relief package to limit the economic damage caused by the coronavirus outbreak and tackle loss of livelihood of millions of poor hit by the unprecedented lockdown.

The relief package aimed at alleviate the financial pain faced by migrant workers, farmers, urban and rural poor, and women. The government is also working on a fiscal stimulus to jump-start the economy apart from providing support to the healthcare and industrial sectors, economic affairs secretary Atanu Chakraborty hinted on Tuesday. The Reserve Bank of India (RBI) has also taken a series of steps to boost liquidity in the banking system and encourage banks to lend.

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