Rate hikes for In­dia

Weekend Argus (Saturday Edition) - - BUSINESS -

IN­DIA looked set for fresh rate hikes, an­a­lysts said, af­ter in­dus­trial out­put re­bounded to dou­ble-digit growth in Oc­to­ber, spurred by man­u­fac­tur­ing as de­mand leaped in the fes­ti­val sea­son.

Out­put from fac­to­ries, mines and util­i­ties jumped 10.8 per­cent in Oc­to­ber from a year ear­lier, more than dou­bling a 4.4 per­cent in­crease in Septem­ber. In­dus­trial pro­duc­tion “came back with a vengeance”, said HSBC chief In­dia econ­o­mist Leif Ly­becker Eske­sen, as com­pa­nies stocked up for the hol­i­day sea­son.

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