After bottoming out at -57.3% YoY in Apr-20, the annualized growth in India's industrial production continued to post directional improvement to -8.0% YoY in Aug-20 from -10.8% in Jul-20.
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Oct 13, 2020
INDIA IIP - Different shades of recovery
After bottoming out at -57.3% YoY in Apr-20, the annualized growth in India’s industrial production continued to post directional improvement to -8.0% YoY in Aug-20 from -10.8% in Jul-20. While the ‘unlock’ phase is resulting in improvement in headline industrial activity, the capacity utilization rates at granular level varies across industry. Going forward, we see various shades of recovery taking shape with rural demand, nature of consumption, and fiscal support determining the cross sectional outlook.