India’s IIP has posted two consecutive months of positive growth in FY21 so far. We outline four key trends emerging from recent data, covering global comparison, the macro-divide within IIP, items of consumer demand, along with a scanning of sectoral capacity utilization. While we expect recovery to continue in H2 FY21, we are more sanguine on prospects for industrial growth in the medium term, led by three structural reforms to augment domestic manufacturing capacity as well as exports.

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