Industrial recovery gains traction; but with inflation edging higher, a rate cut is unlikely before Jan’24
India’s industrial growth strengthened to 5.2% YoY in May’23, with manufacturing accelerating to 5.7% YoY and mining to 6.4% YoY growth in May’23. Both manufacturing and industry have accelerated in Apr-May’23 to 4.8% YoY (from 4.1% YoY in Q4FY23) and 5.5% YoY growth (from 3.4% YoY in Q4FY23) respectively.