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Patchy recovery

The latest figures for the index of industrial production, or IIP, were released on Thursday, and took most observers by surprise. The IIP for October 2011 had shrunk by 5.1 per cent (revised now to 4.7 per cent); for November, it has now risen by 5.9 per cent, a considerable upswing. This has encouraged the official spinmeisters to hope that the Indian economy is bottoming out and headed for recovery.

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