After bottoming out at -57.3% YoY in Apr-20, annualized growth in India's industrial production has been improving gradually in response to the phasing out of lockdown restrictions, both globally as well as locally, with Oct-20 print coming in at 3.6%.
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Dec 11, 2020
Oct 20 IIP - Reaffirms a gradual recovery
India’s IIP has posted two consecutive months of positive growth in FY21 so far. We outline four key trends emerging from recent data, covering global comparison, the macro-divide within IIP, items of consumer demand, along with a scanning of sectoral capacity utilization. While we expect recovery to continue in H2 FY21, we are more sanguine on prospects for industrial growth in the medium term, led by three structural reforms to augment domestic manufacturing capacity as well as exports.