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Country's mfg expansion at 25-month low: Survey
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SME Times News Bureau | 02 Dec, 2015
The growth of India's manufacturing economy dropped to its lowest in the
past 25 months, mainly on account of a slower expansion of new business
and overall output, according to a leading global business survey
released on Tuesday.
The Nikkei India Manufacturing Purchasing
Managers' Index (PMI) showed a further fall at 50.3 in November, falling
for the fourth consecutive survey period. The rise in the index of more
than 50 indicates economic expansion. The index was at 50.7 in October.
"The
November PMI data point to tepid manufacturing growth across India,
with gloomy domestic demand resulting in the weakest expansion in
production for 25 months," said the report's author and economist
Pollyanna De Lima.
The survey highlighted marginal improvement in
business conditions across sectors as consumer goods performed the
best. But the conditions for intermediate goods companies deteriorated
for the first time in two years.
"Digging deeper into detail,
intermediate goods sub-sector drove the deceleration in growth. New
business inflows and output in this category fell for the first time
since December 2013. While investment goods producers saw a rebound in
November, the consumer goods sector remained the bright spot," said De
Lima.
In the analysed month, companies paid higher prices for
metal, textiles and food while rate of inflation was only marginal, the
report added.
"The slowdown in growth combined with weak
inflationary pressures support further rate cuts. Input cost and output
charge inflation as measured by the survey were much lower than their
respective long-run averages," added De Lima.
Under the PMI, the
manufacturing sector is divided into eight broad categories of basic
metals, chemicals and plastics, electrical and optical, food and drink,
mechanical engineering, textiles and clothing, timber and paper and
transport.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
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87.50
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84.65 |
Euro
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78.25
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75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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