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India's Industrial Growth Hits Brakes: September Figures Lag Expectations
28 Oct
Summary
- Industrial production growth slowed to 6.7% in September, missing economists' forecasts.
- Mining output contracted significantly, impacting overall industrial performance.
- Manufacturing and electricity growth also moderated, indicating a loss of momentum.
India's industrial production experienced a significant slowdown in September, with growth decelerating to 6.7% year-on-year. This figure fell below the 7.3% forecast by economists and represents a moderation from the revised 7.8% growth recorded in August.
The Index of Industrial Production (IIP) revealed that mining was the weakest sector, contracting by 6.2% in September, following a 4.6% decline in August. This continued contraction exerted a drag on the overall industrial output.
While electricity output saw a rise of 11.2%, it was also a moderation from the previous month's 12.3% increase. Manufacturing and capital goods growth also slowed, further contributing to the diminished momentum in industrial activity.
