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While Automobile Sales Took A Plunge, Electricity Demand Has Fallen Sharply: RBI Governor

RBI Governor Shaktikanta Das announced that the country had witnessed a sharp decline in the demand for electricity as well as a decline in automobile sales.

COVID-19

While addressing the media over the COVID-19 crisis, RBI Governor Shaktikanta Das announced that the industrial index for the month of February revealed that the industrial production grew at the fastest pace in seven months. He added that there was no reason to get misled by the IIP data since the impact of the virus comes thereafter. 

Read: Covid-19: RBI Sees Inflation Falling Below 4 Pc Target By Mid-FY21

"The revival in electricity generation, an indicator of demand that had commenced from January 2020 has been halted by a sharp fall in Delhi demand in the range of 25-30% after the lockdown announcement on March 25," revealed the RBI Governor. 

He also spoke about the fall in automobile sales and production revealing that supply disruptions were also affecting the manufacturing sector. "Automobile production and sales declined sharply in March as recently released data indicates. The manufacturing sector index for PMI for March 20202, released on April 2 was the lowest in the last 4 months, and supply disruptions were also indicated," said the RBI Governor. 

Read: 'India Expected To Project Sharp Turnaround In FY 21-22,' Says RBI Governor Quoting IMF

Watch the full address here

Read:India's Covid Testing Numbers Crosses 3 Lakh; Total Cases Rise To 13,887, 437 Deaths

Read: RBI Governor Announces Reverse Repo Rate Cut From 4% To 3.75%; FULL Address Here

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