Index of Industrial production (IIP) for the month of June has come in at a dismal -1.8 per cent, way below the CNBC-TV18 poll number of 1 per cent. The number suggests that all gains of the previous month have been wiped out.
The impact of the number was felt on the stock market, which gave up some of its morning gains. The IIP figure for the month of May, however, has been revised slightly higher to 2.5 per cent from 2.4 per cent.
While experts were counting on mining and electricity to pull up the industrial production, each came in at 0.6 per cent and 8.8 per cent, respectively, the component which actually took out the steam from any hope of revival is capital goods.
From a year-on-year perspective, capital goods witnessed a degrowth of -27.9 per cent versus 38.7 per cent recorded in previous June.
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