India's industrial production growth slips 0.1% in June

It’s the fourth consecutive month of slowdown.

India's industrial production (IP) in June slipped 0.1% YoY from a revised 2.0% rate in May.

According to DBS Equity Research, this rate marks the fourth consecutive month of slowdown.

The heavyweight manufacturing output decreased 0.4%, even before the implementation of the goods and services tax (GST) in July.

As a result, firms cut back inventories, postponed new orders, and cleared existing stocks on discounts.

Electricity generation also slipped, albeit mining was stable. Capital goods remained weak with a -6.8% rate. The pre-GST impact dragged consumer durables down 2.1%.

DBS Equity Research said, "Two headwinds, demonetisation and GST implementation, have disrupted production activity in the past 6-8 months. Post these transient factors, factory activity should stabilise on seasonal demand later in the year, positive demand signs, and stepped-up public capital expenditure activity."

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