The capital goods growth for the month of August stood at -11.3 percent versus -3.8 percent month-on-month. The manufacturing also contracted to -1.4 percent against -1 percent from the previous month.
The index of industrial production for the month of August was below expectations with at 0.4 percent against 0.5 percent in the month of July. A CNBC-TV18 poll had predicted the number to be around 2.4 percent.
Speaking to CNBC-TV18, Gaurav Kapur, Sr. Economist at RBS says that the August figures are usually lower than July. The capital goods and the manufacturing cut down the confidence of the first quarter, coming in lower-than-expectations. He expects the September consumer price index (CPI) to be 7.4 percent.
The capital goods growth for the month of August stood at -11.3 percent versus -3.8 percent month-on-month. The manufacturing also contracted to -1.4 percent against -1 percent from the previous month.
Rupa Rege Nitsure, chief Economist and GM, Bank of Baroda termed the IIP data as 'shocking' result given she expected the industry to grow above 2 percent in August. According to her, the persistent contraction in manufacturing is worrisome. She expects the CPI data (due Monday) to be around 7.3 percent.
Adding to the discussion, Ashutosh Khajuria, President – Treasury, Federal Bank says the bond yields are likely to fall further on Monday after such dismal set of numbers.
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