Core infra growth slows down. Core infrastructure industries decelerated in May?14. Electricity, coal, cement and fertilizers have been robust. Natural gas, which has been in a prolonged lull for the last three years, also showed resilience. Growth in electricity, steel and cement is a harbinger of improvement in construction. Mining growth would lead to a modest revival in manufacturing. Growth being elusive and inflation high, the RBI is unlikely to alter policy rates now.
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