India: Industrial output growth slows in June
Industrial output grew 3.7% year on year in June (May: +5.3% yoy). The notable weakening was partly driven by a deterioration in manufacturing output growth. In contrast, mining output picked up pace.
Meanwhile, annual average industrial production growth fell to 3.4% in June (May: +4.1%), which marked an over two-year low.
The June reading means that industrial output expanded 4.5% year on year in April–June, equaling the growth seen in the prior three months. This suggests that the economy likely continued to grow quickly in the first quarter of FY 2023 (April 2023–March 2024).