V-shaped recovery of economic activity continued in Oct: CEA Subramanian

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Chief Economic Adviser K V Subramanian on Saturday said V-shaped recovery of economic activity continued in October and both factory output and core sector growth have inched up to the pre-COVID level.


The Index of Industrial Production (IIP) rose 3.6 per cent in October, chiefly because of better performance of manufacturing and electricity generation sectors.


The manufacturing sector, which has a weightage of 77.6 per cent in the IIP, recorded a growth of 3.5 per cent in October. In the year-ago period, the sector had a contraction of 5.7 per cent, according to data released by National Statistical Office (NSO) on Friday.


“V-shaped recovery of economic activity continued in Oct… IIP & eight-core index further inched up to pre-COVID levels. The broad-base recovery in IIP resulted in a growth of 3.6 per cent in October 2020 as in comparison to a contraction of 6.6 per cent in Oct-19,” he said in a series of tweets.


Growth in IIP and eight core industries is on the back of broad-based growth in all of the sectors and the consumer and investment goods were the main drivers of IIP growth in October 2020, he said.


“Across the board recovery: 243 out of 407 items in IIP basket grew in Oct-20. In contrast, 217 items grew on average in pre-COVID period (Apr-12 to Feb-20). The similar numbers for Sep-20 and Apr-20 were 196 and 28, respectively,” he added.

(Only the headline and picture of this outline may have been reworked by the Trade Standard staff; the remainder of the satisfied is auto-generated from a syndicated feed.)

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