India's May industrial output slows to 5.6 per cent
ACCORDING to the official data, India's annual industrial output growth in May has slowed unexpectedly to 5.6 per cent. It is another sign showing that the country's economy is losing steam.Growth of production by factories, mines and utilities was below analysts' forecasts of around 8.5 per cent, according to the second in a new series of industrial data aimed at reflecting more accurately output trends.May's figures were down from 8.5 per cent in the same month a year ago.Analysts say, the data indicates that aggressive rate hikes and high inflation are acting as brakes on the economic performance.
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