New Delhi, September 11: The Index of Industrial Production (IIP) reduced by 10.4 percent for July 2020 as compared to 16.6 percent in June this year. According to the Ministry of Statistics and Programme Implementation, For the month of July 2020, the Quick Estimates of IIP with base 2011-12 stands at 118.1. India's Real GDP Growth For FY20-21 Estimated to be Negative, Says Shaktikanta Das in RBI Monetary Policy.

The ministry said, “The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of July 2020 stand at 87.2, 118.8 and 166.3 respectively (Statement I). The Quick Estimates will undergo revision in subsequent releases as per the revision policy of IIP.“ In 2019, the IIP recorded for July was 4.3 percent.

The ministry stated that in view of the preventive measures and announcement of nation-wide lockdown by the Government to contain the spread of COVID-19 pandemic, a large number of the industrial sector establishments were not operating from the end of March, 2020 onwards which had an impact on the items being produced by the establishments during the period of lockdown. The IIP had contracted by 16.6 percent in June, 33.8 percent in May and a record 57.6 percent slide in April.

Notably, India's Gross Domestic Product (GDP) growth for the first quarter of FY-2020-21 contracted by 23.9 per cent. In the previous quarter (January-March of FY 2019-20), the GDP figure stood at 3.1 per cent. India's performance is the third-worst among the over 50 countries which have come out with GDP numbers so far, and some analysts expect the remaining three quarters in the fiscal to show negative growth as well.

(The above story first appeared on LatestLY on Sep 11, 2020 06:43 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).