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India's Industrial Production Declines Unexpectedly

India's industrial output declined unexpectedly in August on weak manufacturing, data from the statistics ministry showed on Friday.

Industrial output dropped 1.1 percent year-on-year in August, reversing a revised 4.6 percent expansion seen in July. Economists had forecast production to grow at a moderate pace of 1.8 percent.

The decline was largely driven by a 1.2 percent fall in manufacturing output. Electricity output dropped 0.9 percent and mining output grew only 0.1 percent.

During April to August, industrial production logged an annual growth of 2.4 percent compared to the 5.3 percent increase in the same period of last year.

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