In view of deteriorating market and the depreciating rupee, government has decided that key macroeconomic data including gross domestic product (GDP), consumer price index (CPI) and index of industrial production (IIP) numbers will now be released after market hours, to avoid any knee-jerk reaction to such information.
Financial markets have in the past sharply reacted to release of IIP, GDP and CPI numbers at the scheduled time of around 11 a.m. Thus, starting this Friday, the two key data indicating health of the economy, i.e. IIP measuring factory output and CPI reflecting price rise on retail level, will be unveiled in the evening. The government move has come just a day ahead of the release of IIP and CPI data, hinting at something worst could be in store.
India's annual industrial output growth measured by index of industrial production (IIP) rose by 2% at 167.3 for the month of April 2013, lower than street’s expectation and previous month’s growth figure of 2.5% on account of dismal performance of manufacturing, mining and power sectors coupled with lower output of capital goods, however was later revised sharply higher to 3.4%. Meanwhile, falling for the third straight month, CPI or retail inflation stood at 9.31% in May due to easing of prices of edible oil and protein-based items.
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