India’s industrial production began FY22 literally with a bang. Catapulted by an extraordinary base, IIP growth vaulted to a triple-digit expansion in Apr-21 of 134.4%YoY compared to an upwardly revised 24.1% in Mar-21. To recall, nationwide lockdown had brought economic activity to a near complete standstill in Apr-20 to depress the IIP base. To be sure, market expectations were wide-ranged but geared towards an exceptionally strong print in the range of 60-180%. However, the magnitude of actual expansion turned out to be higher than our expectation pegged at 100.0%.
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