India’s economic woes worsen

India’s economic gloom deepened yesterday with a surprise contraction in industrial production, a fall in exports and higher retail inflation. Industrial production shrank an annual 0.4 per cent in September, according to the Central Statistics Office (CSO). Exports fell an annual 1.6 per cent to $23.2bn (£14.6bn) in October, while the consumer price index rose an annual 9.75 per cent in October, a little faster than 9.73 per cent rise a month ago.