July IIP at -2.2% from -2.8% in June, CPI lower at 9.64%

The industrial output data for the month of July has barely shown any month-on-month improvement despite sveral measures taken by the government including imports curbs and export sops. The Index of Industrial Production (IIP) contracted to 2.2 percent in the month of July versus a negative 2.8 percent in the month of June, indicating that the much-anticipated revival has not happened. June IIP data has been revised higher to -2.8 percent from -1.6 percent (provisional).

The Consumer Price Index (CPI) too remained high at 9.64 percent in July, slightly lower than June's 9.87 percent. Food inflation fell slightly 11.24 percent in July from 11.84 percent.  Although, the CPI looks far more stubborn to be tamed, experts believe that a healthy monsoon will make its impact felt sooner than later. They, however, remain skeptical of rupee's behaviour in the days to come.
 
Below are the industry-wise performance:
Manufacturing sector growth at -2.2% Vs -2.0% (MoM)
Electricity growth at 0.0% Vs 6.2% (MoM)
Mining sector growth at -4.1% Vs -5.7% (MoM)
Basic Goods growth at -1.9% Vs -0.4% (MoM)
Intermediate Goods growth at 1.1% Vs 1.5% (MoM)
Capital Goods growth at -6.6% Vs -2.7% (MoM)
Consumer Durables growth at -10.5% Vs -10.4% (MoM)
Consumer non-durables growth at 5% Vs 1.7% (MoM)
Consumer goods growth at -2.3% Vs -4% (MoM)

Reacting to July IIP and CPI figures, finance minister P Chidambaram said bridging the current account deficit remain the foremost challenge this year and reiterated his resolve to achieve CAD stated target."We have done much better on fiscal deficit;I am confident we will achieve CAD target," he said.

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