India Industrial production March 2020

India: Industrial output contracts at sharpest pace on record in March

Industrial output collapsed 16.7% year-on-year in March, according to preliminary figures from Indian authorities, which was worse than market expectations of an 8.0% decrease (February: +4.6% yoy).

March’s reading marked the sharpest decline on record and was due to the first effects of the coronavirus crisis, which led to a plunge in manufacturing output. The full effects of the crisis will be felt from April, which was the first full month of the national lockdown, which was imposed on 24 March.

The annual average variation of industrial production came in at minus 0.5% in March, down from February’s plus 1.1% reading.

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