India Industrial production March 2021


India: Industrial output grows at record pace in March

May 12, 2021

Industrial output rose 22.4% year-on-year in March (February: -3.4% yoy). The result marked the best result on record—predominately due to a low base effect. The reading reflected a broad-based upturn, with activity in the manufacturing, mining and electricity sub-sectors all improving in March.

Meanwhile, the trend improved significantly, with the annual average variation of industrial production coming in at minus 8.4% in March, up from February's minus 11.8% reading.

FocusEconomics panelists expect industrial production to rise 11.9% in FY 2021, which is unchanged from last month’s projection. In FY 2022, the panel expects industrial output to expand 5.0%.

Author:, Economist

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India Industrial production Chart

India Industry March 2021

Note: Year-on-year and annual average variation of industrial production index in %.
Source: Ministry of Statistics and Programme Implementation (MOSPI) and FocusEconomics calculations.

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