IIP - Exaggerated Fall Led by One-Offs :: Edelweiss, link

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Industrial activity for October contracted 4.2% YoY (Edel expectation: 2.8% YoY expansion) after expanding 2.8% YoY in September (numbers revised up from 2.5% reported previously). The sharp contraction was highly exacerbated by bunching up of holidays this October, resulting in lower number of production days. Thus, we expect some recoup in November. Overall, on the growth front, the economy is still caught between crosscurrents of headwinds and tailwinds—while lower fuel prices are aiding household incomes and corporate profitability, tight fiscal and monetary policies are acting as drags.

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