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