India: Industrial production growth accelerates to a four-month high in June
Annual industrial production growth accelerated to 7.0% in June from May’s revised 3.9% (previously reported: +3.2% year-on-year), overshooting market analysts’ expectations of 5.5% and representing a four-month high.
The strong reading in June was broad-based across industrial sectors but was notably supported by a large expansion in the manufacturing sector. The reading in June also benefitted from a low base effect.
On a use-based classification, industrial production in June was boosted by strong output expansions of consumer durable, primary, capital and infrastructure goods. Dragging on overall growth were weak readings for intermediate and consumer non-durable goods.