Notion of economic recovery as portrayed by the Government has again been smashed to bits as retail inflation soared to a nine-month high of 11.24 per cent, while the index of industrial production (IIP) shrank 1.8 per cent.
Analysts blamed the Gover-nment for failing to take remedial measures for reducing the prevailing high inflation. They added that RBI has been doing everything it can, but without Government’s support inflation is expected to stay high. It was a double whammy for the economy as making matters worse, IIP contracted in October after three months, mainly due to poor performance in manufacturing, mining and consumer durables.