Double boost for economy: Industrial output growth rebounds; inflation cools

India's factory output grows sharply at 4.3% in August

Experts and economists predicted a rise in inflation from the August figures though it was widely projected to remain under 4 per cent. Food price inflation also dipped from 1.52 per cent to 1.25 per cent. CPI dropped 15 basis points or 0.15 per cent month-on-month and food prices dipped 1.36 per cent in September.

Industrial production grew at a nine-month high of 4.3 per cent in August, mainly on account of robust performance of mining and power sectors coupled with higher capital goods output, official data showed today.

Industrial production has made a remarkable growth at 4.3% defying slowdown from previous month's 1.2%. Rate of price rise in pulses continued with deflationary trend at (-) 22.51 per cent and eggs prices fell by 0.15 per cent.

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

Economists surveyed by Reuters had forecast 2.4 percent growth in output compared with a revised 0.9 percent year-on-year increase in July.

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The industry group "Manufacture of computer, electronic and optical products" has shown the highest positive growth of 24.9% followed by 16.5% in "Manufacture of pharmaceuticals, medicinal chemical and botanical products" and 11.1% in "Manufacture of other transport equipment".

As per use-based classification, the growth rates in August 2017 over August 2016 are 7.1 per cent in primary goods, 5.4 per cent in capital goods, (-) 0.2 per cent in intermediate goods and 2.5 per cent in infrastructure/ construction goods.

Analysts polled by Reuters had expected retail inflation to edge up to 3.60% last month from 3.36% in August.

According to BNR, the CPI annual inflation rate going back to the target interval was estimated to occur in the third quarter of 2017. Inflation not easing further dampens hopes of India Inc for interest rate cuts.

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