Manufacturing woes

The index of industrial production (IIP) figures for July are shockingly low: 3.3% overall and 2.3% for manufacturing. It is possible to draw comfort from two facets of the data: the index has been pushed down by volatile capital goods production, which has dropped by 15.2%, while consumer goods, including durables, have staged a rebound. Such comfort can turn positively soothing when we see that excise duty collections for August have grown a solid 19%. 

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