India’s industrial production growth declined to a three-month low of 3.7% in June mainly due to poor showing by the manufacturing sector, according to the official data released on Friday, Augusr 11.
The factory output growth measured in terms of the Index of Industrial Production (IIP) stood at 12.6% in June 2022 on account of a lower base effect.
During the first quarter (April-June) of 2023-24, the IIP growth works out to be 4.5%, down from 12.9% in the corresponding period a year ago.
Adani ready to go solo with $50-bn hydrogen project
Billionaire Gautam Adani’s Group is prepared to go ahead alone on the $50 billion green hydrogen project after its French partner, TotalEnergies SE, put investment in the venture on hold following allegations of fraud.
Adani Group CFO Robbie Singh in an investor call on first-quarter earnings of Adani Enterprises Ltd last week said the project is not dependent on the equity from TotalEnergies and the group is going ahead with the investment with or without the French giant.
TotalEnergies had last year agreed to take a 25% stake in Adani New Industries, which is building the project.