India's industrial production rebounded in November, government data showed Thursday, providing some relief to Asia's third-largest economy, which has been struggling with slowing growth and high inflation, according to AP. Industrial production grew 5.9 percent in November, more than expected, thanks to revived consumer demand, the data showed. Output shrank 4.7 percent in October, less than estimated earlier. The data gives the Reserve Bank of India, whose streak of aggressive rate hikes has begun to dampen growth, some room to hold interest rates steady as it waits for inflation, which has been above 9 percent for most of the last two years, to ease. Mining output was down 4.4 percent in November, in the wake of corruption scandals that have led to massive mine closures. Manufacturing grew 6.6 percent and electricity output was up 14.6 percent, the government said. Production of capital goods like factories, machinery and tools - a sign of investment - shrank 4.6 percent, but consumer goods output grew 13.1 percent. India's prime minister, Manmohan Singh, said this week that India's economy is likely to grow 7 percent for the year ending March, significantly below last fiscal year's 8.5 percent growth.
