Many Headwinds To More Than Halve H2 Growth To 4-4.5%: India Ratings

A closer look at the factory output data suggests that eight sectors representing roughly 25% of the manufacturing sector contracted in Q2, keeping manufacturing sector growth at a tepid 1.4% in Q2. The sectors which were contracted are apparel, textiles, leather and related products, pharmaceuticals, medicinal & related products and electrical equipment.