Lucknow, 14 Nov
Uttar Pradesh industrial output staged recovery in August 2020 after several months of subdued growth due to the lockdown restrictions negatively impacting the economic activities.
The general index of August 2020 with base year 2011-12 (=100) stood at 112.69, which is only 0.93 per cent lower compared to UP’s August 2019’s industrial index of 113.75.
Interestingly, the Index of Industrial Production (IIP) of India contracted by a much higher margin of 8 per cent in August 2020 due to lower output in the main sectors of manufacturing, mining and power generation.
The robust industrial performance of UP was primarily aided by the manufacturing sector, whose sectoral index in August 2020 stood at 113.39 vis-à-vis 111.22 in the corresponding month of last financial year 2019-20.
According to the Economics and Statistical Division of the UP Planning Institute, which has now
released the Quick Estimates of IIP, the improvement in activities of industrial units had begun with the gradual relaxation of restrictions, and the same was getting reflected in improved performance of the index.
The state’s respective indices of mining, manufacturing and electricity sectors for August 2020 stood at 91.08, 113.39 and 140.49 compared to the corresponding figure of 113.89, 111.22 and 142.02 last fiscal.
The ‘Quick Estimates’ are based on the methodology of Central Statistical Office, Government of India, and arrived at on the basis of the data provided by various factories and departmental head offices.
Meanwhile, the indices for primary goods, capital goods, intermediate goods and infra/construction goods notched up 109.04, 244.89, 133.77 and 95.90 respectively for August 2020. Similarly, the respective indices for consumer durable and consumer non-durable goods stood at 81.94 and 86.75.
Of the 23 industrial categories, which were analysed for determining the state’s industrial output index, 8 manufacturing sectors showed positive growth in August 2020, namely apparels, leather/leather goods, chemicals/medicines, rubber/plastics, machinery, electrical appliances, furniture segments etc.
In fact, UP had also clocked 6.74 per cent growth in revenue collection in August 2020 compared to the corresponding month last financial year. Compared to the revenue kitty of about Rs 8,942 crore in August 2019, the collection in August 2020 breached the level of Rs 9,545 crore, nearly Rs 600 crore higher.
After sluggish revenue collection in the initial lockdown months, particularly April and May 2020, the state earnings have been witnessing improvement with the revenue collection in July 2020, at Rs 10,675 crore, reaching nearly 97 per cent of July 2019, when the mop up had stood at about Rs 10,926 crore.
Besides, the Yogi Adityanath government is in the process of recalibrating the revenue targets for the current financial year. Despite the lockdown impact, the state is aiming to touch last financial year’s revenue levels, although the targets set for 2020-21 were 10-15 per cent higher.
No comments:
Post a Comment