Industrial output shrinks surprise 0.4%

India's industrial output shrank by a surprise 0.4% in September from a year earlier, data showed today, adding to gloom about the country's economic growth prospects.

India's industrial output shrank by a surprise 0.4% in September from a year earlier, data showed on Monday, adding to gloom about the country's economic growth prospects.

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The once-booming economy has been hit by a combination of high interest rates, Europe's debt crisis that has slowed exports, and sluggish investment caused by domestic and overseas concerns about policy paralysis.