Mar-21 industrial production came literally as a blast from the past. Catapulted by a lockdown induced favourable base from last year and positive year-end seasonality, IIP growth posted a robust double-digit expansion of 22.4%YoY.
Download ReportIndia Mar 21 IIP: A rear view mirage
Amidst the scale and pace of rise of second COVID wave and its concomitant impact on lives and the economy, the month of March already appears somewhat of a distant memory – a utopian past. Fast forward a short span of 6 to 8 weeks, India continues to struggle to tame the wave which is yet to peak, clocking >3 lakh cases daily since 22nd Apr-21 i.e., nearly 4x the peak of the first wave in Sep-20 with mortality too seeing a near threefold rise
Against this background, Mar-21 industrial production came literally as a blast from the past. Catapulted by a lockdown induced favourable base from last year and positive year-end seasonality, IIP growth posted a robust double-digit expansion of 22.4%YoY (QuantEco estimate: 15.0%, Reuters consensus: 17.6%). This marks the highest reading on record and first positive reading for Q4 FY21.