Fitch brings relief to economy, industrial output slumps to 2%

Global rating agency Fitch Ratings offered India relief from a flood of bad tidings—a depreciating rupee, weak factory output data and sticky retail inflation—by upgrading the country’s sovereign credit outlook to stable from negative, Mint reported.

The upgrade came on a day the Central Statistics Office (CSO) released data showing a continued contraction in mining output and almost flat electricity production, which limited factory output growth to 2% in April compared with a revised growth of 3.4% in the previous month.

Read the full report here