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Lockdown Impact: IIP for March shrinks by record margin of 16.7%

Lockdown Impact: IIP for March shrinks by record margin of 16.7%

India Blooms News Service | @indiablooms | 12 May 2020, 05:13 pm

New Delhi/ IBNS: India's factory output shrank by a record 16.7 per cent in March 2020 as a result of minimal economic activity due to nationwide lockdown imposed to contain the spread of coronavirus.

Manufacturing output slipped 20.6% while electricity generation reduced 6.8%, showed the factory output data released by the government.

The Index of Industrial Production (IIP) for the entire FY20 contracted 0.7% in comparison to a growth of 3.8 % in FY19.

This is expected to impact the GDP growth projections for FY20, said reports.