In absolute terms, the IIP for the month of February came in at a much better rate of 4.5%. This is certainly better than the 2.1% levels seen in the month of January 2020. But it is still not too clear if this is a sign for revival in GDP growth at this point of time. That is because the impact of the COVID-19 lockdown will only show from March onwards. But the trend has surely been positive for the time being. That is because; for three months in succession between August and October, the IIP growth was negative. However, it is only since November that the IIP has been in the positive zone showing a clear upward momentum trend from December 2019 onwards. This can be partly attributed to the base effect because the IIP growth was just about 0.2% in Feb-19. This base effect has been a major factor in keeping the IIP growth in positive territory for the last 4 months. However, the 11-month IIP growth at 0.9% is the lowest in the last decade, hinting at GDP pressures. It may be too early to celebrate the 4.5% growth for the month of Feb and we have to wait for more such confirmations.