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.
"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.
Watch out for the RBI Governor @DasShaktikanta address live at 10:00 am today (April 17, 2020) #rbitoday #rbigovernor— ReserveBankOfIndia (@RBI) April 17, 2020