Preview: India April industrial output likely rose 2.4% yr/yr - Indian Express

Reuters : Wed Jun 12 2013, 08:44 hrs India's industrial output probably rose for a fourth consecutive month in April. (Reuters) India's industrial output probably rose for a fourth consecutive month in April, but at a slightly slower pace, a Reuters poll showed, suggesting economic recovery remains tepid. A weaker reading of factory activity will increase the pressure on the central bank to ease monetary conditions to spur growth at its policy meeting next week while it seeks to balance risks from a high current account deficit and a weaker currency. Production at factories, mines and utilities rose an annual 2.4 percent, after a 2.5 percent rise in March, according to a consensus forecast of 25 economists. Forecasts ranged from an expansion of 1.5 to 4.0 percent. Although the consensus points to an expansion in factory output in the first month of the fiscal year, the pace does not suggest a strong revival in Asia's third-largest economy after it posted a decade-low growth for the fiscal year to March 2013. India's economy turned a corner in the quarter to March, growing 4.8 percent on a year earlier, slightly faster than the upwardly revised 4.7 percent growth seen in the previous three months. "Recent economic data suggest that growth has bottomed out, but no clear evidence yet of setting in of a cyclical revival. IIP (industrial output) growth thus likely to stay sluggish," said Abhishek Upadhyay, an economist at Axis bank. A moderate recovery in Indian factories, exports and investments were probably the main drivers for an increase in overall growth in the quarter through March, data showed. Encouragingly, exports rose 1.6 percent in April from a year earlier, up for the fourth straight month and capital goods output - a key barometer of investment - rose an annual 6.9 percent in March, albeit off a low base. But in a sign of underlying weakness in the economy, output in the eight key infrastructure industries - which make up almost 40 percent of factory production - slowed to 2.3 percent year-on-year in April from a 3.2 percent expansion in March. ... contd. ALSO READ Prospect of good monsoon lifts economic confidence: Survey Preview: India's stubborn retail inflation may spoil rate cut hopes Steps to check gold import showing results: FinMin Gold import may dip to a third thanks to RBI curbs, weak rupee Please read our terms of use before posting comments TERMS OF USE: The views, opinions and comments posted are your, and are not endorsed by this website. You shall be solely responsible for the comment posted here. The website reserves the right to delete, reject, or otherwise remove any views, opinions and comments posted or part thereof. You shall ensure that the comment is not inflammatory, abusive, derogatory, defamatory &/or obscene, or contain pornographic matter and/or does not constitute hate mail, or violate privacy of any person (s) or breach confidentiality or otherwise is illegal, immoral or contrary to public policy. Nor should it contain anything infringing copyright &/or intellectual property rights of any person(s). via Business - Google News http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNGzKUJqTFTa0SnIHuKB6QA-7zJiaw&url=http://www.indianexpress.com/news/preview-india-april-industrial-output-likely-rose-2.4--yryr/1128049/

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