July 2, 2021 3:02:56 am
India’s manufacturing sector contracted to an 11-month low in June as the intensification of the Covid pandemic and strict containment measures put the sector into the “reverse gear”.
At 48.1 in June, the seasonally adjusted IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) was below the critical no-change mark of 50.0 for the first time since July 2020. The PMI was 50.8 in May.
The PMI averaged 51.5 in the opening quarter of fiscal year 2021-22, the lowest three-month figure since the same period one year ago, IHS Market said.
The stretch of new order growth that started in August 2020 came to an end in June, with firms linking the deterioration in demand to the pandemic.
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