As expected, the core sector growth slowed to a 14-month low of 3.8% in December weighed by base normalisation. While seven out of eight sectors witnessed a year-on-year increase in output, growth was seen moderating in most sectors. The positive aspect was the improvement in cement output with growth of 1.3% following the contraction seen in the previous month. With the base turning unfavourable, we expect the industrial output to record a muted growth in the range of 1-2% in December, in line with the moderation seen in core sector growth.
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