Sign of revival? IIP up to 2.6%

Sep 13, 2013 |

Age Correspondent

Industrial production rebounded in July, growing by 2.6 per cent due to a spurt in capital goods. Retail inflation, based on the consumer price index, also eased slightly to 9.52 per cent in August, down from 9.64 per cent in July.

This week has turned out to be good for the economy as data released earlier Tuesday on exports and car sales also showed positive trends. It will give some relief to policymakers battling negative news for some time. Dr C. Rangarajan, chairman of the PM’s Economic Advis-ory Council, expressed hope that inflation will dip further as food prices decline in the days ahead due to a good monsoon, and that growth will pick up. “It’s good news. The second half of the year must pick up. I believe this is the new trend,” Dr Rangarajan said.

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