India’s industrial production growth decelerated sharply to 2.4% YoY in Nov-23 from 11.7% in Oct-23.Download Report
QuantEco Research || Nov-23 IIP - Mixed reality
India’s industrial production growth decelerated sharply to 2.4% YoY in Nov-23 from 11.7% in Oct-23. Notwithstanding the deceleration in Nov-23 (which was predominantly on account of end of the usual busy festive season, lower number of working days on account of shift in date of Diwali festival, and an adverse statistical base effect), the cumulative festive season (spanning Sep-Nov months) performance turned out to be better with IIP growth of 6.6% in FY24 compared to 2.2% in the corresponding period in FY23. Looking ahead, we expect IIP growth to moderate as fiscal targets become binding in Q4, lagged impact of monetary tightening works through, and adverse global backdrop weighs. This could impart a 30 bps downside to NSO’s FY24 GDP estimate of 7.3%.