India’s Industrial Output Grows 8.4% In November
India’s factory output grew 8.4 percent 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.