Contraction In July IIP A Concern: Basu

A contraction in India's capital goods production in July is a matter of concern, Kaushik Basu, chief economic adviser in the finance ministry, said on Monday.

Earlier, India's industrial output growth in July surprisingly slumped to 3.3 per cent from a year earlier, its lowest in nearly two years, dragged down by a 15 percent annual decline in capital goods production.

(Reuters)