India's industrial production barely moved in July, as weakness persisted in the critical areas of the economy such as manufacturing, mining and capital goods amid sticky inflation, high interest rates, fragile currency, global slowdown and policy paralysis.
The combined output of Factories, Mines and Power Utilities, as measured by the index of industrial production (IIP), inched up by a measly 0.1% in July 2012 as against expectations of a 0.5% growth.
India's industrial output was at 3.7% in July last year.
The Commerce Ministry said today that IIP for June was left unchanged at -1.8%.
The cumulative growth for the period April-July 2012-13 stands at (-) 0.1% versus a decent 6.1% expansion in the year-ago period.
IIP Break-up for July 2012:
Manufacturing: -0.2% vs 3.1% YoY
Electricity - 2.8% vs 13.1% YoY
Mining - (0.7%) vs 0.7% YoY
Basic Goods - 1.5% vs 10% YoY
Intermediate Goods - (1.1%) vs (0.1%) YoY
Capital Goods - (5%) vs (13.7%) YoY
Consumer Durables - 1.4% vs 9% YoY
Consumer Non-durables - 0.1% vs 4.1% YoY
Markets just before IIP Data:
Nifty and Sensex: 5,410; 17,929.
Rupee: 55.23.
10-year Yield: 8.1862%.
Markets just after IIP:
Nifty, Sensex: 5,411; 17,932
Rupee: 55.23
10-year Yield: 8.1892%
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