Index of Industrial Production (IIP) for the month of July came in at 3.3% as against 8.8% in previous month, way below the street expectations. The IIP data stated that the capital goods industry grew only 15.2% in July against 37.7% in the previous month. MS Unnikrishnan, managing director of Thermax told CNBC-TV18 that the situation is very bad since this is a major dive downwards.
Read full July IIP story here Unnikrishnan, however, is confident that demand for capital goods sector will remain the same despite order retardations, which are a result of low IIP numbers for July this year.Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
