Aggregate demand was weakening even before the pandemic

Both manufacturing component of wholesale price index (WPI) and capacity utilisation levels seem to have fallen together in the recent past

Lines show normalised values of annual growth in WPI manufacturing and capacity utilisation levels on a scale of 0-1, where 0 represents the minimum and 1 the maximum value for each series.

Chart: Roshan Kishore Source: RBI, CMIE Get the data