Industrial growth declined to 0.5% in Nov'18 from 8.4% in Oct'18. Manufacturing growth fell sharply to (-) 0.4% from 8.2% in Oct'18. Both consumer (durables and FMCG) and capital goods sectors reported a decline. While base effect explains a part of the decline, lower exports and domestic demand also contributed to the dip. We expect muted growth in the next few months owing to global and domestic headwinds. However, this slowdown is more cyclical than structural and growth is expected to pick up in H2FY20....