Industrial production contracts 1.9 per cent in Nov

According to the Index of Industrial Production (IIP) data, manufacturing sector output shrank by 1.7 per cent in November 2020.

New Delhi: India’s industrial production contracted by 1.9 per cent in November, official data showed on Tuesday. According to the Index of Industrial Production (IIP) data, manufacturing sector output shrank by 1.7 per cent in November 2020.

Mining output also declined 7.3 per cent, while power generation grew 3.5 per cent. The IIP had grown by 2.1 per cent in November 2019. Industrial production has been hit due to the COVID-19 pandemic since March last year when IIP contracted by 18.7 per cent in the month.

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Retail inflation

Retail inflation declined to 4.59 per cent in December 2020 compared with 6.93 per cent in November last, government data showed on Tuesday. The data released by the Ministry of Statistics and Programme Implementation showed that the easing of the Consumer Price Index (CPI) came on the back of a decline in food prices.

The Consumer Food Price Index (CFPI) for last month came in at 3.41 per cent, down from 9.50 per cent in November 2020. The provisional rural CPI in December 2020 was recorded at 4.07 per cent, down from 7.20 per cent in the previous month. The urban CPI was 5.19 per cent last month, compared with 5.19 per cent in November 2020.

The ease in retail inflation for the second consecutive month is a major development as it may give an impetus for a rate cut in the next meeting of the Reserve Bank of India’s Monetary Policy Committee.

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