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July IIP Surprises With 2.6% Growth

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September 12: Bucking two months of decline, industrial production for July rose 2.6% versus an estimated 0.5% contraction on the back of strong growth in the manufacturing and power sectors. The highest gainer was capital goods, which grew 15.6% year on year, while consumption durables remain the biggest worry. CPI at 9.52 remains a sticky subject; while it remains flat, it is much higher than the RBI’s comfort zone.