India Data Response Consumer Prices (Apr.) & Industrial Production (Mar.) As a result of the Statistics Office being only partly operational due to India’s nationwide lockdown, the headline CPI data for April weren’t published as originally scheduled today. But the... 13th May 2020 · 2 mins read
India Data Response Services & Composite PMI (Apr.) The extraordinary plunge in the services PMI highlights that services is faring far worse than the manufacturing sector in the current crisis. Looking ahead, the services sector is likely to suffer... 6th May 2020 · 2 mins read
India Data Response Manufacturing PMI (Apr.) The astounding plunge in India’s manufacturing PMI to a record low in April strongly indicates that the nationwide lockdown has caused activity to collapse. Looking ahead, with the shutdown now... 4th May 2020 · 2 mins read
India Data Response Core Infrastructure Industries (Mar.) India’s core infrastructure industries index contracted sharply in March, suggesting that overall industrial output will have fallen by a similar magnitude. The lockdown only began towards the end of... 30th April 2020 · 2 mins read
India Data Response Wholesale Prices (Mar.) Although not the preferred measure for policymakers, the drop in the headline WPI rate in March reinforces our view that inflation is no concern at this stage. Instead, the priority now is for the... 15th April 2020 · 2 mins read
India Data Response Consumer Prices (Mar.) Headline CPI inflation dropped to a four-month low in March and timely indicators suggest a further easing in price pressures so far in April. With inflation no concern, the priority for policymakers... 13th April 2020 · 2 mins read
India Data Response Services & Composite PMI (Mar.) The drop in the PMI readings for March suggests that the economy had already lost momentum even before the nationwide lockdown was imposed towards the end of the month. More timely indicators suggest... 6th April 2020 · 2 mins read
India Data Response Manufacturing PMI (Mar.) India’s manufacturing PMI dropped to a four-month low in March and the reading has yet to capture the impact of the nationwide lockdown which began at the end of the month. April’s reading, and... 2nd April 2020 · 2 mins read
India Data Response Wholesale Prices (Feb.) The drop in wholesale price inflation in February is an added source of comfort for the RBI following the fall in CPI inflation last month. We think it will follow its global peers by further... 16th March 2020 · 2 mins read
India Data Response Consumer Prices (Feb.) & Industrial Production (Jan.) February’s drop in consumer price inflation leaves the headline rate still well above target. But inflation is likely to fall further. In any case, with coronavirus risks mounting, the current rate of... 12th March 2020 · 2 mins read
India Data Response Manufacturing PMI (Feb.) The drop in the manufacturing PMI in February was expected given its previous surge to an eight-year high in January. But the reading is still consistent with decent growth in manufacturing and... 2nd March 2020 · 2 mins read
India Data Response GDP (Q4) India’s economy slowed again in the fourth quarter of last year, confounding hopes for a small turnaround. But the bigger story in today’s data release is the substantial revision to the GDP data for... 28th February 2020 · 2 mins read
India Data Response Wholesale Prices (Jan.) The RBI doesn’t put much weight on the wholesale price measure of inflation, but the pick-up in core WPI inflation supports our view that the room for further monetary easing has diminished. 14th February 2020 · 2 mins read
India Data Response Consumer Prices (Jan.) & Industrial Production (Dec.) Inflation rose faster than most expected in January due to a jump in core inflation. With an economic recovery around the corner, underlying price pressures should strengthen further over the coming... 12th February 2020 · 2 mins read
India Data Response Manufacturing PMI (Jan.) India’s manufacturing PMI surged in January to an eight-year high and defied the trend across the rest of Asia. Though the reading may fall back as fears over the coronavirus dents sentiment, the big... 3rd February 2020 · 2 mins read
India Data Response Wholesale Prices (Dec.) The RBI doesn’t put much weight on the wholesale price measure of inflation, but the fact that it accelerated to a seven-month high in December nevertheless supports our view that the rate-cutting... 14th January 2020 · 2 mins read
