Note-ban impact: IIP at 4-month low of -0.4% in Dec
NEW DELHI: India’s industrial production contracted by 0.4% in December after high-value currency notes were invalidated the previous month, data released on Friday showed. There was a 5% contraction in production of consumer non-durables and a 10.3% fall in production of durables.
Meanwhile, tax collections grew at a healthy pace in January, indicating that the government is on track to achieving its budgeted collection target, at least on the indirect tax front. The pace of growth of excise and service tax collections, however, slowed in the month.