Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

India industrial sector surprises with return to growth  Join our daily free Newsletter

MENAFN - AFP - 12/09/2013
No. of Ratings : 0
Add to Mixx!

(MENAFN - AFP) Indian industrial production grew a surprise 2.6 percent in July on an annual basis, official data showed Thursday, snapping two months of contraction that underlined plummeting output in Asia's third-largest economy.

The preliminary monthly figures were the strongest since March, but still a far cry from the double-digits enjoyed for large parts of the last decade when the South Asian giant was booming.

India's economy has slowed dramatically, expanding just 5.0 percent last year in its weakest annual growth in a decade, with the rupee at near record lows against the dollar.

Manufacturing output in July increased by 3.0 percent compared with the same month last year, production of capital goods rose 15.6 percent, while the troubled mining sector posted another 2.3-percent contraction.

Analysts had forecast another decline and some of them downplayed Thursday's better-than-expected data.

"Investment is yet to recover. I would not read too much into these numbers unless we see a slightly sustained trend in recovery," said Dharmakirti Joshi, chief economist with credit rating agency Crisil.

Sonal Varma, India economist with Nomura Securities, said that economic growth was still weak, "so the sharp jump in capital goods growth appears a bit odd".

The industrial output figure for June was revised to show a contraction of 1.8 percent instead of a 2.2 percent decline initially reported last month.

India's rupee closed at 63.50 against the dollar on Thursday, after reaching record lows of more than 68 to the dollar last month.



  MENA News Headlines
 Oct 4 2015 - UAE says to invest $35 bln in clean energy by 2021AFP
(MENAFN - AFP) The gas-rich United Arab Emirates will invest $35 billion in clean energy by 2021 as it seeks to reduce its dependence on fossil fuels following crude's global price slide, it said ...

 Oct 4 2015 - Qatar's Central Bank governor cuts hopes of rate hikeMENAFN
(MENAFN) Qatar's central bank governor sought to cut expectations for rising interest rates after a jump in local bill yields suggested liquidity in the Qatari banking system was beginning to ...

 Oct 4 2015 - Jordan- UAE delegation visits the Mrajeeb Al Fhood campJordan News Agency
(MENAFN - Jordan News Agency) A delegation from the UAE Ministry of Development and International Cooperation visited on Friday the Mrajeeb Al Fhood camp for Syrian refugees to check on services ...

 Oct 4 2015 - Russian airstrikes in Syria will strengthen Daesh, ObamaJordan News Agency
(MENAFN - Jordan News Agency) US President Barack Obama said on Friday that Russia's airstrikes in Syrian that started last Wednesday, will ultimately empower Daesh terrorist group.Speaking from the ...

 Oct 4 2015 - Jordan- Border guards receive 209 new Syrian refugeesJordan News Agency
(MENAFN - Jordan News Agency) A total of 209 Syrian refugees from various age groups, entered the Kingdom through various crossing points during the last 72 hours, according to a military source on ...

 Oct 4 2015 - Israeli forces kill Palestinian young man in JerusalemJordan News Agency
(MENAFN - Jordan News Agency) Israeli occupation forces Sunday morning shot dead a Palestinian teen near Damascus Gate in occupied Jerusalem.Eyewitnesses said that Israeli forces opened fired on 19 ...

 Oct 4 2015 - Israel prevents Palestinians from entering JerusalemJordan News Agency
(MENAFN - Jordan News Agency) Israeli occupation police on Sunday banned Palestinians from entering the old city in East Jerusalem for two days, after two attacks against Israelis occurred in less ...

 Oct 4 2015 - First Gulf offers start-up financeThe Arabian Post
(MENAFN - The Arabian Post) FGB claims to be the first bank in the UAE to offer a one-stop financing solution to start-ups. The bank's new 'Startup Proposition' offers new businesses a range of ...

 Oct 4 2015 - Dubai Holding net up 24% to AED2.6bThe Arabian Post
(MENAFN - The Arabian Post) Dubai Holding Commercial Operations Group (DHCOG) announced a net profit of AED 2.6 billion for the first half of this year ending 30th June 2015, an increase of 24 ...

 Oct 4 2015 - Qatar to improve rank in Competitiveness Index-QBAThe Peninsula
(MENAFN - The Peninsula) Sheikh Faisal bin Qassim Al Thani, the Chairman of the Qatari Businessmen Association (QBA) in press conference said that Qatar's economy is moving in the right direction and ...




Click to Apply


Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  

Middle East North Africa - Financial Network

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices


Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks

Saudi Arabia 

Economic Calendar
Financial Glossary

Financial Calculators

RSS Feeds [XML]

Corporate Monitor


Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters

© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help