New Delhi, India - According to data released by IHS Markit, India’s Manufacturing Purchasing Managers’ Index (PMI) surged to 47.2 in June as compared to 30.8 in May this year. This signals faster normalization of the nation’s manufacturing activity since the nationwide lockdown was lifted on June 1, 2020.
Commenting on the latest survey results, Eliot Kerr, Economist, IHS Markit, said that India’s manufacturing sector moved towards stabilization in June, with both output and new orders contracting at much softer rates than seen in April and May.
“However, the recent spike in new coronavirus cases and the resulting lockdown extensions have seen demand continue to weaken. Should case numbers continue rising at their current pace, further lockdown extensions may be imposed, which would likely derail a recovery in economic conditions and prolong the woes of those most severely affected by this crisis," he added.
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