September IIP data encouraging: FM

Chidambaram said industrial output data for Sept was encouraging after August's poor result.

Finance Minister Palaniappan Chidambaram said on Wednesday industrial output data for September was encouraging after August’s poor result, but called for an improvement in data collection.

“I say this even while I maintain that data collection must be improved and made more relevant, contemporary and universal,” a statement from the finance minister said.

India’s industrial output rose 4.8 per cent in September from a year earlier, data showed on Wednesday, above the previous month’s upwardly revised 1.4 per cent.

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But analysts said annual expansion in October would probably drop as the global credit crisis raised borrowing costs for Indian firms.

The September figure was marginally above a forecast for growth of 4.7 per cent in a Reuters poll of economists.

India win hands down, skip the handshake with Pakistan

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