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India – Economics (November 2010 IIP: Sharp deceleration):
India’s industrial production growth decelerated sharply to 2.7% YoY in November 2010, from an upwardly revised 11.3% YoY in October. November IIP growth of 2.7% was the slowest since May 2009. Over the last three months, industrial production has grown 6.1% YoY, down from 9.9% in the three months prior. Sequentially, IIP declined 3% MoM in November, after rising 3% in October (seasonally adjusted). Notwithstanding the sluggish IIP figures, we still expect RBI to raise policy rates by 25bps later this month, giving rising inflationary pressures. The growth-inflation trade-off is moving decisively to inflation containment rather than supporting growth, in our view
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