Macroeconomic data that is coming to the fore is revealing that India is in for a tough start for 2021. IIP that measures the scale of industrial production output showed shrinkage by over 3.6% for the February month in comparison to a drag of just 1.6 percent in January month.
In the overall index, major fall is owed to the fall in manufacturing output of 3.7% in comparison to January's contraction of just 2 percent. And now after the release of latest data, the contraction in IIP from April to February of FY21 has been to the tune of 11.3 percent.
Experts are of the view for the normalcy to be restored in the manufacturing space after the unprecedented fall due to Covid 19, there shall be needed more time. In the 8 out of the 11 months of FY21, the IIP number has shown contraction and rose by 1.5 percent in December.