India's industrial output shrank at its fastest rate in more than six years...
FILE PHOTO: A labourer welds an iron pillar at a building material factory in an industrial area in Dasna, Uttar Pradesh, India, January 9, 2019. REUTERS/Adnan Abidi/File Photo
Annual industrial output INIP=ECI contracted 1.1% in August compared with 4.6% growth in the previous month, government data showed on Friday. It was the worst performance since a 4.4 percent contraction in February 2013.Subdued inflation and an economic slowdown have prompted the Reserve Bank of India to cut interest rates by a total of 135 basis points this year, including a 25-basis-point cut last week, making it the most aggressive central bank in Asia.
India’s infrastructure output ININFR=ECI fell in August from a year earlier, the first contraction since April 2015, signaling the recovery in Asia’s third largest economy may be slow despite a cut in the corporate tax rate and other policy measures designed to spur investment.
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