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Anand Rathi Report
India began the fiscal year on a strong footing, with industrial production up 5% in April, above our and consensus expectations of respectively 4.5% and 4.6%.
On the production side, all three components, i.e., mining, manufacturing and electricity were in the green, though manufacturing growth decelerated.
The picture on use-based components was slightly different, where non-durables production contracted, although largely due to a strong base. On the positive side, durables and infrastructure production accelerated.
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