Indian Industrial Production, Surprise everyone going below zero

            The Indian Industrial Production (IIP) came at minus 4.2 %; the expectation was at 2.4% just near the previous release of 2.5%. It was not alone to blow the economy. Other data were also equally negative which will hit the growth of the Indian economy. Forex Reserves fell to US 314.66 billion from the previous release of US 316.31 billion, drop by US 1.65 billion. The holding of the reserve is reduced due to the heavy balance of payment adjustments. Manufacturing output came at negative 7.6% from the previous release of 2.5%, shows the manufacturing growth in the economy is falling sharply. Consumer price index came at 4.38% from the previous release of 5.52% just below the expectation of 4.63%; showing the consumer are looking further drop in the price of consumer goods in near future. Low impact data which came along were Cumulative Industrial Production and Deposit Growth both came lower then expectation, whereas Bank Loan growth has increase marginally.