Jun'18 IIP growth accelerated to a 5-month high of 7.0% yoy on a low base of (0.3)% yoy in Jun'17. The GST-led low base is likely to have an impact even in July'18. Improvement in production continues to be reflected in the Auto and related industries. Consumer Durables and Capital Goods will continue to draw strength from the Auto sector. Sequentially, Q1FY19 manufacturing growth trajectory slowed to 5.3% yoy despite a lower base of 1.6% in Q1FY18. This implies that manufacturing GVA growth is likely to be much lower than 8.8% attained in H2FY18. Although the...