India’s Production Rises 2.6 Percent

India says its industrial production in July rose 2.6 percent 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 percent in the electricity sector led the gains, followed by manufacturing, which was 3 percent higher than the previous July. Mining output was down 2.3 percent 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.

via Mainichi

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza