India's industrial production plunged an upwardly revised 18.3 percent year-on-year in March 2020, compared to a 16.7 percent fall initially reported. It is the steepest decline since records began in 1994 and much worse than market expectations of an 8.7 percent tumble, as the COVID-19 pandemic forced many businesses to close. Manufacturing production contracted at a record pace (-22.4 percent) electricity (-8.2 percent) and mining (-1.4 percent) also fell. The government released only quick estimates for the month of May which showed a 34.7 percent drop in industrial production but warned those figures should not be compared with previous months due to insufficient data as the country was under lockdown amid efforts to contain the spread of the COVID-19 pandemic. The same applies to April figures when a revised estimate showed a 57.6 percent plunge.
Industrial Production in India averaged 6.03 percent from 1994 until 2020, reaching an all time high of 19.90 percent in November of 2006 and a record low of -18.30 percent in March of 2020. This page provides - India Industrial Production - actual values, historical data, forecast, chart, statistics, economic calendar and news. India Industrial Production - data, historical chart, forecasts and calendar of releases - was last updated on July of 2020.
Industrial Production in India is expected to be 5.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Industrial Production in India to stand at 3.90 in 12 months time. In the long-term, the India Industrial Production is projected to trend around 4.50 percent in 2021, according to our econometric models.