Factory output falls to the lowest level in over 2 years

India’s industrial production dropped an annual 1.9% in February as manufacturing contracted 3.7%, the sharpest drop in 28 months, while exports tumbled 3.2% in March, recording its second straight month of contraction, official data released on Friday showed. Reflecting an absence of recovery in demand of both investment and consumption varieties, imports, which had been contracting since June and in double digits for the past six months, fell 2.1% in March and to a three-year low of $451 billion in FY14.

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