Annualised IIP growth for Jul-21 came in at 11.5% compared to 13.6% in Jun-21. Amidst continued easing of favourable base support, the moderation was in line with expectations though the print is a tad above our forecast and market consensus.
Download ReportJul-21 IIP: Keepin up the momentum
Annualised IIP growth for Jul-21 came in at 11.5% compared to 13.6% in Jun-21. Amidst continued easing of favourable base support, the moderation was in line with expectations though the print is a tad above our forecast and market consensus. Despite the deceleration in the headline growth, sequential momentum in IIP remained at a strong level for the second consecutive month at 7.2% MoM in Jul-21 (vs. 5.7% in Jun-21), underscoring the continued recovery in industrial activity especially manufacturing post the second wave of infections.