Industrial production declines by 8% in August
13 oct 2020
As per a media report on Monday, factory output has shrinked for sixth month. Consumer price inflation hiked by 7%. The report was based on the Index of Industrial Production (IIP). There is marginal improvement in comparison to July where the output contracted by 10.8%. High inflation, high food prices, transportation costs will make it difficult for RBI to cut rates in its December policy review. Overall inflation rate for the second quarter of FY21 is the highest in 24 quarters at 6.95%. This drastic downfall in the economy and upliftment of prices has been due to COVID pandemic.