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The second wave of Covid-19 in India, in conjunction with a less distorted base, flattened the year-on-year growth of the Index of Industrial Production to 29.3% in May 2021 (down 33.4% in May 2020) from the revised 134.6% in April 2021 (down 57.3% in April 2020).
However, the pace of growth exceeded our forecast of 23.2%.
With the widening state-wise restrictions, the IIP recorded a decline of 8.0% in month-on-month terms in May 2021.
The sequential dip in activity was broad-based across the use-based categories, as well as two of the three sectors, namely manufacturing (down 9.5%) and electricity (down 7.0%).
Only mining escaped the impact of the localised restrictions brought on by the second wave of Covid-19, with a mild month-on-month uptick of 0.6% in May 2021.
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