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India's industrial production
grew by a stronger-than-expected 2.5 percent in September, according to
government data released Wednesday, boosted by consumer demand during the main
religious festival season, while retail price inflation fell to a record low.
In This Pic : Industrial output up, price rise slows
Pic Courtesy : BCCL
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The production figures were good
news for the right-wing government of Prime Minister Narendra Modi who took
office in May following a landslide election win on pledges of reviving growth
in Asia's third-largest economy.
In This Pic : Industrial output up, price rise slows
Pic Courtesy : BCCL
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India's economy has posted two
years of sub-five-percent growth, marking the longest slowdown in a
quarter-century, as the central bank has kept interest rates elevated to combat
stubborn inflation.
In This Pic : Industrial output up, price rise slows
Pic Courtesy : BCCL
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But separate data showed India's
inflation had slowed to a record-low in October of 5.52 percent, pushed down by
big falls in food and oil costs.
In This Pic : Industrial output up, price rise slows
Pic Courtesy : BCCL
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The figures fanned hopes that
India's hawkish central bank could respond positively to business demands for
interest rate cuts to spur growth-boosting investment.
In This Pic : Industrial output up, price rise slows
Pic Courtesy : BCCL
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