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Manufacturing sector loses growth momentum in November
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SME Times News Bureau | 01 Dec, 2020
India's manufacturing sector lost growth momentum in November, as a
slower order flow and Covid-related restrictions impacted output.
The
headline seasonally adjusted IHS Markit India Manufacturing Purchasing
Managers' Index (PMI) fell after posting the strongest improvement in
the health of the sector in over a decade during October.
It posted a three-month low reading of 56.3 in November down from 58.9 in October.
"Aggregate new orders rose at the slowest pace in three months," the Manufacturing PMI report said.
"However,
the upturn was sharp and stronger than any seen for eight years prior
to September. Companies indicated that sales growth was underpinned by
resilient demand, though curbed by the Covid-19 pandemic."
In
terms of exports, new orders increased markedly in November, with survey
participants reporting strong demand for their goods from key export
markets.
Nonetheless, the pace of expansion eased from October's recent high.
As
per the report, quantity of raw material or input purchases rose at the
slowest pace in three months, but one that was historically marked.
"The
Indian manufacturing sector remained on the right path to recovery,
with strong growth of new orders and output sustained during November,"
said Pollyanna De Lima, Economics Associate Director at IHS Markit.
"Although
the softening of rates of expansion seen in the latest month does not
represent a major setback, since these are down from over decade highs
in October, a spike in Covid-19 cases and the possibility of associated
restrictions could undermine the recovery."
"Companies noted that
the pandemic was the key factor weighing on growth during November,
with Covid related uncertainty also restricting business confidence."
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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84.35
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82.60 |
UK Pound
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106.35
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102.90 |
Euro
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92.50
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89.35 |
Japanese
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53.40 |
As on 12 Oct, 2024 |
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