Contraction In Industrial Output Worrisome, Companies' Profits Down By Up To 40%: CMIE
As per the June report from the Center for Monitoring Indian Economy (CMIE) Index of Industrial Production (IIP) has slipped to a negative 36, pointing to a worrying situation in the country. The index (IIP) provides data on the production status of the country's industrial sector. But the story of economic ruin started in September last year when the IIP had become negative at that time. The situation then worsened in December 2019, in March 2020, and in June during the Coronavirus crisis and lockdown. The government is blaming the pandemic for the declining economy, but it is clear from these figures that India's economy was continuously weakening for the last 2 years and the pandemic added to the woes.