Mixed signals: On data and the key industrial sectors
The HinduOutput data for May from the eight core infrastructure sectors show broad industrial activity slowed under the onslaught of a heatwave that left homes, offices and factories countrywide using more power to run their fans and cooling systems. The heatwave’s impact on economic activity in May was particularly prominent in India’s northern parts, as it forced afternoon breaks at construction sites and daily peak power demand at the Northern Regional Load Despatch Centre consistently hovered around or exceeded 75 gigawatts. Meanwhile, the private sector, survey-based HSBC India Manufacturing Purchasing Managers’ Index for June suggests that activity at factories rebounded last month from May’s heatwave-hit three-month low. The inflationary trend, coupled with survey respondents’ overall confidence in future output sliding to a three-month low, signals the economy still faces speed bumps.
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Industrial Production Declines by 16.6% in June due to Lower Manufacturing Output: Govt Data
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