IIP numbers reflect global and domestic economic outlook:Usha Thorat

MUMBAI: Industrial output numbers for October, which contracted significantly by 5.1 percent, are reflective of the global and domestic economic outlook, former deputy governor of Reserve Bank Usha Thorat said here today.

The industrial output shrunk by 5.1 percent in October after witnessing a sustained slowdown over the past few months, hitting a 34 month low. Factory production had grown 11.3 percent last October.

"The general message is that the outlook internationally and nationally is very clearly reflected in the IIP numbers," Thorat, who now heads the Centre for Advanced Financial Research and Learning (Cafral) as director said after inaugurating RBI's 'Newsibition' here.

'Newsbition' is part of the central bank's outreach and financial literacy effort in which RBI depicts the 76 years of its history. The evolution has been depicted through newspaper clippings and photographs.

"It gives a glimpse of the spirit of the times and events not only as they happened but also how they were viewed by the public at large through media reports," RBI said in a release.

The exhibition, which will remain open from December 12 to January 14, is divided into nine sections representing different phases in the apex bank's evolution.

"In addition to the history of RBI, it also has panels and films on currency and its security features among others," the release added.