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Anand Rathi Report
In May, the industrial sector witnessed the second successive sharp plunge. Despite some relaxations, the lockdown and restrictions were severe in May and reflected in industrial growth figures. Pharma and staples slightly bucked the trend. In all major economies except China, industrial growth remains deep in the red.
Anand Rathi expects continued sequential improvements in industrial growth in India in coming months. The brokerage said monetary policy is likely to remain extra easy to compensate for lack of fiscal support. More measures to accelerate bank credit are likely, it said.
With further easing of the lockdown, Anand Rathi expects the June IIP figure to be around 15%. While the contractions in activities so far has been due to supply disruption caused by the lockdown, the impact of demand contractions would be visible in H2 FY21.
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