India’s industrial output has fallen for the first time in more than two years, sending the rupee to an all-time low and highlighting the vulnerability of emerging market s to the eurozone debt crisis.
Industrial production dropped 5.1 per cent in October from a year earlier, official data showed on Monday, bolstering the case for monetary easing in Asia’s third-largest economy.
“The data are way worse than we were expecting,” said A Prasanna, economist at ICICI securities in Mumbai. “Usually output is lower during the months of October and November as there are fewer working days due to the festival season, but a 5.1 per cent drop is significantly more than we predicted.”
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