April IIP growth at 0.1 pc vs -3.5 pc in March
New Delhi: India’s industrial output growth almost stalled in April compared with a year earlier, reinforcing expectations the RBI will cut rates next week to try to combat a slowdown in the economy. The government data showed that the output rose just 0.1 per cent in April, lower than expectations in a Reuters poll for a 1.7 per cent increase. Output fell in March from a year earlier by 3.5 per cent.
“The data clearly points to industrial growth being extremely weak,” said Abheek Barua, chief economist at HDFC Bank in New Delhi. “It is in clear need of monetary as well as fiscal support.”
High inflation and interest rates, a lack of government initiative and the euro area debt crisis have weighed on Asia’s third-biggest economy for more than a year. Annual GDP growth hit its weakest pace in nine years in the first three months of 2012.
For more visit: IBN Live.com
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