India’s industrial production posted a contraction while sliding to an 18-month low of -0.8% YoY in Aug-22 from 2.2% in Jul-22.
Download Report
Oct 12, 2022
Aug-22 IIP - The consumption drag
India’s industrial production posted a contraction while sliding to an 18-month low of -0.8% YoY in Aug-22 from 2.2% in Jul-22. Slowdown appears to be broad based with noticeable drag in consumption-oriented production. Even though growth enablers in the form of unwavering focus on public capex, headline comfort on monsoon, and anticipation of festive demand continue to play out, downside risks to India’s overall economic growth have escalated in recent months amidst weakening of global growth impulses. As such, we revise lower our FY23 GDP growth forecast to 6.8% from 7.0% earlier.