ICRA Ltd Chief Economist Aditi Nayar says that the projected Index of Industrial Production (IIP) will see sharp growth of 17.5-25 per cent in March 2021. She also agrees that electricity demand, vehicle registrations, and generation of GST e-way bills shrank in the last month indicating the impact of sudden rise in COVID infections and localized restrictions. During the Financial year 2020-21, output of the eight sectors i.e. natural gas, steel, cement, electricity, Coal, crude oil, refinery products and fertilizer segments was contracted by 7 per cent as against a positive growth of 0.4 per cent in 2019-20.According to recent data, output of these eight core sectors grew by 6.8 per cent in March recording the highest in 32 months. It is believed to be driven by base effect-led uptick in production of natural gas, steel, cement and electricity.