Indian industrial output provides hope but GDP forecast cut.

Indian industrial output surprisingly rose 2.6% on year in July, rebounding from a fall of 1.8% in June and beating forecasts for a contraction of 0.9%. Meanwhile, consumer inflation edged down to 9.52% in August from 9.64% in July. While the data may have provided some hope that India's slumping economy could be starting to stabilize, the prime minister's economic advisory panel has cut its FY growth estimates to 5.3% from a previous forecast of 6.4%.