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June Industrial Output Shrinks By 16.6% As Coronavirus Hits Business Activity

June Industrial Output Shrinks By 16.6% As Coronavirus Hits Business Activity

Analysts had expected industrial output to be worse

India’s industrial output contracted 16.6 per cent in June from a year earlier, government data showed on Tuesday. Last month, the government had suspended the release of headline industrial output numbers for May, part of a more-than two-month lockdown imposed to combat the coronavirus pandemic, citing inadequacy of data.

The June numbers beat expectations as a Reuters poll of analysts had expected industrial output contraction of 20 per cent.

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