India's industrial output growth rises in August, still weak
Published on Oct 12, 2012 3:06 PM
NEW DELHI (REUTERS) - India's industrial output rose modestly in August but not enough to end a long slump in Asia's third largest economy, while inflation slowed, improving the case for a cut in interest rates that both businessmen and politicians have been pleading for.
Data released by the Central Statistics Office (CSO) on Friday showed output at factories, mines and utilities rose an annual 2.7 percent, with the growth driven by consumer goods.
That was higher than a forecast of 1.1 percent in a Reuters poll and even beat the most optimistic forecast.
Manufacturing, which accounts for the bulk of industrial production and contributes about 15 percent to overall GDP, rose 2.9 percent in August from a year ago.
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