February may have been an easier month because the real challenge for the IIP could start from March onwards. The lockdown began in the third week of March and the impact will be seen in the March IIP numbers. Most factories have shut down for the time being and even the ubiquitous FMCG units are operating at 40-50% capacity. Then there is the total ecosystem comprising transport, banking, NBFCs, support services and labour supply, which has got totally disrupted. The Federation of Indian Exporters Organization (FIEO) has already warned that the export sector could see job losses to the tune of 15 million if curative measures are not taken on an urgent basis. These are basically SMEs that account for a bulk of the jobs created in India. All these are likely to have an impact on the IIP numbers in March with most estimates pegging it at a negative growth in the month of March.