India’s Industrial production shrunk by 8.6 per cent in FY 2020-21 compared to a 0.8 per cent contraction in FY 2019-20, stated official data showed on Wednesday. Meanwhile, industrial production grew by 22.4 per cent in March.
According to the Index of Industrial Production (IIP) data released by the National Statistical Office (NSO), in FY 2020-2021, mining sector output contracted by 7.8 per cent; manufacturing output shrunk by 9.8 per cent and electricity shrunk by 0.5 per cent.
In the manufacturing output, the manufacturing of wearing apparel shrunk by 29.8 per cent, whereas the manufacturing of textiles was at -21.6 per cent. Paper and paper products were at (-) -23.2 per cent, the data for FY 2020-2021 showed. Furniture manufacturing output contracted by 27.8 per cent, whereas printing and reproduction of recorded media contracted by 28.2 per cent.
Industrial production has been hit due to the COVID-19 pandemic since March last year when it contracted by 18.7 per cent. The IIP had registered a growth of 5.2 per cent in February last year.
The data stated manufacturing sector output surged 25.8 per cent in March 2021. Mining output climbed 6.1 per cent and power generation increased by 22.5 per cent in March.
In March, the output from the manufacturing of tobacco products, printing and reproduction of recorded media, coke and refined petroleum products shrunk, whereas manufacturing in other sectors witnessed a growth.