Industrial output shrinks 1.9%

India’s factory output contracted in February to a nine-month low and merchandise exports shrank for the second consecutive month in March, signalling that the desired pickup in economic growth may take time. Together with the uncertainty about the monsoon, given that the drought-causing El Niño weather phenomenon may occur, it roils the macroeconomic outlook for an incoming government. India is in the midst of its 16th general election to elect the next government, which is due to be in office by 1 June.

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