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December 13, 2020

IIP Growth at 3.6% in Oct 2020 – V Shape Recovery in Growth

by facelesscompliance in Income Tax

IIP Growth at 3.6% in Oct 2020 – V Shape Recovery in Growth

V-shaped recovery of economic activity continued in Oct 2020. IIP & eight-core index further inched up to pre-COVID levels. The broad-base recovery in IIP resulted in a growth of 3.6 percent in Oct-20 as compared to a contraction of 6.6 percent in Oct-19

Growth in IIP and Eight core industries is on the back of broad-based growth in all the sectors. The consumer and investment goods were the main drivers of IIP growth in Oct-20

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

From 107 items in the IIP recording a growth more than 10% in January 2020 to 170 items that recorded a growth of more than 10% in October 2020 foretells a strong and robust recovery

Of 407 items in the IIP basket, 276 recorded better growth in October 2020 as compared to the growth in September-2020

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