India's industrial output grows 7.1% in April vs 1.9% in March

India's industrial output, measured by the Index of Industrial Production (IIP), accelerated 7.1 per cent in April as against 1.9 per cent in March, NSO stated on Friday.

Manufacturing sector recorded a growth of 6.3 per cent in the first month of the current financial year, as per the data released by the National Statistical Office (NSO).

It further said growth rates over corresponding period of the previous year are to be interpreted considering the unusual circumstances on account of the COVID-19 pandemic since March 2020.

Mining output climbed 11.8 per cent, and power generation increased 7.1 per cent.

Industrial production has been hit due to the coronavirus pandemic since March 2020, when it had contracted 18.7 per cent.

It shrank 57.3 per cent in April 2020 due to a decline in economic activities in the wake of the lockdown imposed to curb the spread of coronavirus infections.

Meanwhile, India's retail inflation surged near an 8-year high to 7.79 per cent in the month of April, breaching the upper limit of the Reserve Bank of India's (RBI's) target range for the fourth consecutive time, according to government data. However, the CPI-based inflation has likely slipped modestly in May, but stayed well above RBI's upper tolerance limit, as lower fuel prices offset surging food costs, according to a Reuters poll.