No policy space?

Estimates for July 2012’s industrial production are out and have disappointed even low expectations. The index of industrial production, or IIP, grew 0.1 per cent compared to July 2011. It shrank 1.8 per cent year-on-year in June 2012; thus, altogether, the growth in industrial production between April and July 2012 as compared to the previous year is also 0.1 per cent. Essentially, industry is stagnating.

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