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On Friday, the Ministry of Statistics and Program Implementation released a quick estimate of the Index of Industrial Production (IIP), which showed the index value 88.4 in May, up from 53.6 in April, indicating a gradual pick in industrial activity. The index stood at 135.4 in May 2019.
The ministry provided no comparable percentage data, noting that it is not appropriate to compare IIP data with prior months due to the COVID-19 lockdown.
IIP data comes with an interval of six weeks.
“In view of the government’s declaration of preventive measures to prevent the spread of the COVID-19 pandemic and a nationwide shutdown, most installations in the industrial sector were not operational since late March 2020. It has had an impact.” The subsequent period of conditional exemption in goods and restrictions produced by establishments during the period of lockdown, ”the ministry said in a release.
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The IIP for the month of May 2020 stands at 88.4 against 53.6 for April 2020. The factory production index was 135.4 in May 2019, indicating a contraction of 34.71 percent in industrial activity in May 2020.
Last year, the IIP registered a growth of 4.5 percent.
The ministry stated, “As noted in the press release for the IIP for April 2020, it may not be appropriate to compare the IIP for May 2020 with the months before the COVID 2019 epidemic.”
The number of responding units has improved in May 2020 as compared to the lockdown of previous months. The weighted response rate at the time of QE of April 2020 was 87 percent which has now been revised to 91 percent in the first amendment.
As per the data, the index of industrial production for mining, manufacturing and power sectors stood at 87.0, 82.4 and 149.6 respectively for May 2020.
According to the usage-based classification, the index stood at 105.5 for primary goods, 37.1 for capital goods, 77.6 for intermediate goods and 84.1 for infrastructure / construction goods for May 2020.
Further, consumer durables and consumer non-durables indices stood at 42.2 and 132.3 respectively as of May 2020.
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