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Futures and Commodity Market News |
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Sat May 17, 2008 |
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Breaking financial news 24/7 courtesy of TradingCharts.com Inc. / TFC Commodity Charts |
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NEW DELHI, May 12, 2008 (Thomson Financial via COMTEX) -- India's industrial production in March rose at the slowest pace in six years as tighter credit to stem rising inflation hit manufacturing, the government said Monday. Industrial output in March grew 3 percent year-on-year, a sharp slowdown from February when it grew 8.6 percent, government data showed. For the financial year to March, industrial output gained 8.1 percent against 11.6 percent a year earlier, the data showed. An across-the-board weakening in the manufacturing, mining and electricity sectors surprised analysts and comes as unwelcome news for the Congress-led coalition government which faces elections next year. Last week, India's annual inflation rose marginally to a near four-year high at 7.61 percent on rising food prices, the government said. The latest figures came a day after the government halted futures trading in key staple foods such as chickpeas, soybean oil and potatoes for four months to rein in surging prices. India also tightened its monetary policy last month to curb spending, as the government battles discontent over rising prices. TFN.newsdesk@thomson.com afp/aku/alo COPYRIGHT Copyright Thomson Financial News Limited 2008. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News. MMMM |
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By Staff Reporter (C) 2008 XFN, Inc. All rights reserved. Please read the End User Agreement. News provided by COMTEX |
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