Growth in India's industrial production on an annualized basis came in at 3.2% in Oct-21 (QuantEco: 3.0%, Consensus: 4.0%), almost flatline compared to 3.3% in Sep-21 (revised up from 3.1%).
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Dec 10, 2021
Oct-21 IIP: Reading beyond the near flatline growth
Growth in India’s industrial production on an annualized basis came in at 3.2% in Oct-21 (QuantEco: 3.0%, Consensus: 4.0%), almost flatline compared to 3.3% in Sep-21 (revised up from 3.1%). The subdued headline growth however masked a robust sequential pickup of 4.5%MoM vs. an average seasonal expansion of 1.5% typically recorded in the month of October. A combination of festive inventory build-up, end of southwest monsoon along with palpable improvement in consumer mobility and confidence appear to have offered support.