India witnessed contrasting trends in its economic indicators in October and November, with the Index of Industrial Production (IIP) surging to a 16-month high while retail inflation experienced an uptick, reaching a three-month high. These developments have significant implications for GDP projections and monetary policy.
Q: What was the growth rate of India’s Index of Industrial Production (IIP) in October?
A: The IIP surged to an 11.7% year-on-year growth in October.
Q: What sectors contributed significantly to the IIP growth?
A: Electricity (20.4%), mining (13.1%), and manufacturing (10.4%) sectors were key contributors.
Q: How did retail inflation perform in November?
A: Retail inflation rose to 5.55% in November, marking a three-month high.
Q: What were the drivers of the increased retail inflation?
A: Seasonal spikes in vegetable prices and upticks in fruits, pulses, and sugar contributed to the inflation rise.
Q: What impact did these economic indicators have on GDP estimates?
A: The robust IIP performance is expected to influence the first advance GDP estimates for 2023-24.
Q: What is the RBI’s stance on monetary policy and inflation forecasts?
A: The RBI maintained a 6.5% repo rate and retained a 5.4% retail inflation forecast for FY24.
World AIDS Vaccine Day, also known as HIV Vaccine Awareness Day, is observed annually on…
The Indian government has announced plans for public sector companies like Coal India, NMDC, and…
In April, India's merchandise exports saw a modest 1% increase, reaching $34.99 billion, driven by…
The Open Network for Digital Commerce (ONDC), a digital infrastructure initiative launched in 2021, has…
In response to rising credit demand and falling liquidity, State Bank of India (SBI) has…
The Indian Army is poised to elevate its air defense capabilities with the impending delivery…