India’s Industrial Output Grows 8.4% In November
India’s factory output rose at its fastest pace in 19 months driven by manufacturing growth.
The index of industrial production rose 8.4 percent in November compared to a year ago, data from the Central Statistics Office showed. A Bloomberg poll of economists had expected industrial production to grow at 4.4 percent on a year-on-year basis. The industrial output last rose faster than November in March 2016 at 9.8 percent, according to Bloomberg.
“Most high-frequency indicators such as manufacturing PMI and production of passenger and commercial vehicles registered an uptick in November,” said Morgan Stanley in a prior note.
The growth can also be attributed to a lower base in the year-ago period when Prime Minister Narendra Modi outlawed 86 percent of the currency in circulation, hurting demand.
- Manufacturing output rose 10.2 percent over last year.
- Electricity generation rose 3.9 percent year-on-year.
- Mining output went up 1.1 percent over last year.
- The production of primary goods rose 3.2 percent
- Capital goods production grew 9.4 percent.
- Infrastructure and construction goods saw a 13.5 percent increase in output.