Where’s the bottom?

With manufacturing contracting for the second month in a row in December—it has contracted for 5 out of the year’s 9 months to December—even a more than doubling of electricity growth over November couldn’t save the IIP, and this contracted 0.6% in December. And that’s on top of a 0.8% contraction the previous month. This means, in the first 9 months of FY13, IIP has grown just 0.7% or less than a fifth the 3.7% in the same period last year. 

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