India’s industrial production growth accelerated to a 5-month high of 5.7% YoY in Jul-23 from 3.8% in Jun-23.
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Sep 12, 2023
QuantEco Research || Jul-23 IIP - Moderately strong print
The IIP internals indicate a moderate uptick in seasonally adjusted momentum. While this reflects resilience of domestic economy, unevenness in recovery continues to persist, with increasing divide between investment and consumption oriented industrial production, while external demand continues to drag. Looking ahead, we expect growth in volume of industrial production in FY24 to moderate from its FY23 level of 5.2%. However, there is likely to be some support from decline in input price inflation and recent trend of positive surprises/upward revisions to the IIP data print.