December 12, 2018
Surge in IIP and deceleration in inflation encouraging: PHDCCI
Significant rise in the IIP numbers at 8.1% for the month of October 2018 is highly encouraging, said Mr. Rajeev Talwar, President, PHD Chamber of Commerce and Industry (PHDCCI) in a press statement issued here today.
High double digit growth in capital goods at 16.8% in the month of October 2018 is an indication of strengthening investment demand in the economy, said Mr. Talwar.
Demand in the economy especially in rural India is reviving as consumer durables grew at the rate of 17.6% in the month of October 2018, said Mr. Rajeev Talwar.
The IIP registered a strong growth in October 2018 due to high growth in Capital Goods (16.8%), Electricity (10.8%), Infrastructure/ Construction Goods (8.7%), Manufacturing (7.9%), Consumer Non Durables (7.9%), Mining (7%) and Primary goods (6%).
The deceleration in CPI to 2.3% in November 2018 from 3.4% in October 2018 is inspiring as softer monetary policy stance is expected to continue vis-a-vis benign inflationary conditions, said Mr. Rajeev Talwar.
Going ahead, decline in international crude oil prices and stability in rupee scenario is expected to further strengthen the macro-economic environment in the economy, said Mr. Talwar.
Koteshwar Prasad Dobhal