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IIP readings give mixed signals
India’s industrial production data never ceases to surprise the market. The index of industrial production (IIP) grew 6.8 per cent year-on-year in January, after expanding a modest 2.5 per cent in December 2011. Despite moving to a new series last year (with an updated base and higher number of commodities), the month-on-month volatility continues. This print has beaten the market’s modest