The Index of Industrial Production (IIP) for June 2016 has come in at 2.1%. I know, it’s strange we’re still reporting this data. It’s not that much of a change, honestly.
And just to make things even more boring, IIP Manufacturing grew 0.9%. That’s just about like not growing at all. This is not “make in India”, it’s more like “please just keep making whatever you’re making in India”.
Looking at sub-sectors, cars, bikes and truck manufacturing volumes were up 8% and metals were up 7%. On the downside, Furniture manufacturing volumes were down 9% and Electrical Equipment down a whopping 46%.
However, we would not give much credence to this data, because it has no correlation with anything – GDP growth or company results or even markets. In fact, it has zero correlation with markets. So it’s just another data point – and we’re noting it as it is.