Industrial production grows 4.3% in August'17

Jon Howard
October 13, 2017

Earlier this month, the RBI left interest rates unchanged, after cutting the key rate by 25 basis points in August, while raising its retail inflation projection for October-March to a range of 4.2 to 4.6 per cent, and lowered its economic growth estimates.

The Consumer Price Index (CPI) inflation for September 2017 came in at better-than-expected 3.28 per cent, the same level as previous month.

Separately, annual industrial output grew at a nine-month high of 4.3 per cent in August, compared with the forecast of 2.4 per cent by economists in a Reuters poll, the data showed.

The latest print is lower than 4.39 per cent recorded in September past year.

The International Monetary Fund (IMF) on Tuesday also cut its growth forecast for the Indian economy by half a percentage point to 6.7% for 2017-18, blaming the lingering disruptions caused by demonetisation of high value currencies past year and the roll out of the GST.

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The cumulative growth in these three sectors during April-August 2017 over the corresponding period of 2016 has been 3.3 percent, 1.6 percent and 6.2 percent respectively.

The recovery in industrial output is a clear indication that the companies have begun restocking and building fresh inventories after clearing up the stockpile in June ahead of the Goods and Services Tax's (GST's) roll out from July 1.

Ministry of Statistics and Programme Implementation has revised the Base Year of the Consumer Price Index (CPI) from 2010=100 to 2012=100 with effect from the release of indices for the month of January 2015.

As food prices remained steady, the country's retail inflation also remained flat at 3.28% in September.

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