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Better than both our expectation and market consensus of 0.8% and 1.0%, respectively, index of industrial production grew 3.6% YoY in October 2020, against growth of only 0.5% in September 2020 and decline of 6.6% YoY in Oct-2019.
Notably, IIP contraction for July 2020/Sept-20 has been revised upward to down 10.5%/0.5% from down 10.8%/0.2%.
The upswing in IIP in Oct-20 was led by turnaround in manufacturing activity – it grew 3.5% YoY during the month, for the first time in eight months.
Although power generation increased in the double digits, mining activity continued to contract in Oct-20.
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