Against all the odds of contraction, India’s annual industrial output growth, measured by index of industrial production (IIP), in a positive surprise, grew, albeit marginally by 0.1% in January as compared to contraction of 0.6% in December. Street widely was expecting industrial output to post a fourth straight fall in January, in a longest phase of contraction that Indian factories have suffered in more than five years. Meanwhile, the cumulative growth for the period April-January 2013-14 over the corresponding period of the previous year stood at 0.0%.