India’s industrial production growth recovered to 3.1%YoY in Sep-24, from a contraction of 0.1% YoY in Aug-24.
Download ReportQuantEco Research || Sep-24 IIP: Pre-festive support
The pick-up in Sep-24 IIP growth is comforting, as a spate of weakness in some of the high frequency indicators (such as growth in passenger vehicle sales, credit card outstanding, PMI etc.) had fuelled concerns of a pervasive growth slowdown in recent weeks. IIP growth in Sep-24 appears to have received a pre-festive support, ahead of Diwali. The festive momentum was also corroborated by other high frequency indicators such as Core infrastructure index, Retail sales, merchandise exports among others; with the recovery having turned more broad-based in Oct-24 (as indicated by PMI manufacturing, E-way bill generation, Auto registrations etc.).