New projects drop 13% sequentially in June quarter due to Covid: CMIE data

Value of completed projects halved to Rs 50,000 crore; Figures are 70-95% on YoY basis because of national lockdown at the time

Companies had fewer new projects on the anvil amid rising cases and uncertainty in the three months ended June.

New projects in the June quarter were down 13.4 per cent compared to March, coming in at Rs 1.55 trillion, shows data from the Mumbai-headquartered Centre for Monitoring Indian Economy. The value of completed projects also halved to Rs 50,000 crore as Covid cases surged. Figures are 70-95 per cent higher than the same quarter last year because of the national lockdown at the time.

The country had gone into a complete lockdown around the end of March 2020. New projects