India Growth Accelerates
Number out this morning that India’s Industrial Production +11.7% in June, the biggest number since geometry was invented there before the time of Euclid (he got it from them.) May revised up to +10.9%. Consumer goods +23.7%. Ay Chihuahua.
This number implies India’s GDP this year will be 8% or more this year. Their Central bank has decided to NOT increse interest rates to encourage investment . Federal Reserve, please take note of this.
Last month Prime Minister Manmohan Singh made a very impressive pitch to US investors during his talk to the joing session of Congress on his visit here. Singh understands that in today’s global economy, we are not competing for jobs; we are competing for capital.
I own a position in IIF. Down about one percent today; think I will buy some more.