MUMBAI, India – India says its industrial production in July rose 2.6 per cent from the previous year. The numbers add to a cautious sense of optimism that Asia’s third-largest economy may have bottomed out after a plunge in both its currency and markets in recent weeks.
Growth of 5.2 per cent in the electricity sector led the gains, followed by manufacturing, which was 3 per cent higher than the previous July. Mining output was down 2.3 per cent in the numbers released Thursday by the Central Statistics Office.
India’s economic outlook has been marred in recent months by stalling growth and high inflation. The national currency lost a sixth of its value in recent months and stocks plunged, but stabilizing measures by a new central bank governor have cheered markets.