IIP data see saws

Industrial production surprisingly bounced back to grow 6.8% in January as government data showed that Indians consumed more manufactured food products, beverages and chewing tobacco during the month. Probably anticipating that their health had improved, manufacturers decided to cut vitamin, fruit pulp and antibiotics output by as much as 54%, data released by the Central Statistics Office on Monday showed. If the data is to be believed, newspaper production went up 57% and pen output was 32% higher, indicating that consumers were reading and writing more. In the absence of an unprecedented 92.6% growth in the food and beverages segment, overall factory output would have contracted 0.6% in January, economists estimated while raising fresh doubts over data quality.

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