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Financial News: India Manufacturing Output Logs Massive Fall In March

India Manufacturing Output Logs Massive Fall In March

05/12/2020 - 12:10:00 (RTTNews)

(RTTNews) - India's manufacturing output fell massively in March, when the country started its lockdown in a bid to slow the spread of the coronavirus, or Covid-19, pandemic. Manufacturing output crashed 20.6 percent year-on-year in March. Mining production was unchanged, while electricity output dropped 6.8 percent. Industrial output, which the three sectors, dropped 16.7 percent. Economists had forecast an 8.7 percent fall. During the financial year April 2019-March 2020, industrial production decreased 0.7 percent from the previous year.

Manufacturing conditions deteriorated at a record pace in April, as nationwide lockdown led to business closures, survey results from IHS Markit showed earlier this month. The government did not release the headline consumer price inflation data for April due to insufficient data during the lockdown. The data was scheduled for release on Tuesday.

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