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Manufacturing output at historic low in May
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SME Times News Bureau | 01 Jun, 2020
Manufacturing output
remained at historic low levels, as weak demand due to Covid-19 outbreak
led to lower production in the month of May.
Accordingly, the
latest reading of seasonally adjusted IHS Markit India Manufacturing PMI
index pointed to another substantial decline in the health of the
Indian manufacturing sector, "albeit one that was slightly softer than
recorded in April".
Consequently, the seasonally adjusted PMI reading inched up to 30.8 in May from 27.4 in April.
According
to the survey report, in a sign of further demand weakness, new orders
placed with goods producers continued to fall after April's record
contraction.
"The rate of decline decelerated but was still the
second-fastest since the series' inception in March 2005. Panellists
often mentioned prolonged closures at their clients when explaining the
latest reduction in sales," the survey report said.
"Weak demand
from international markets added to the deteriorating sales trend, with
new business from abroad plunging further in May. Anecdotal evidence
suggested that global measures to stem the spread of COVID-19 continued
to stifle exports."
Furthermore, the index report said that lower
production requirements saw Indian manufacturers continue to reduce
worker numbers in May.
Commenting on the survey results, Eliot
Kerr, Economist at IHS Markit said: "The latest PMI data suggested that
Indian manufacturing output fell further in May. This result is
particularly poignant given the record contraction in April which was
driven by widespread business closures."
"The further reduction
in May highlights the challenges that businesses might face in the
recovery from this crisis, with demand remaining subdued while the
longevity of the pandemic remains uncertain."
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Customs Exchange Rates |
Currency |
Import |
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US Dollar
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66.20
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64.50 |
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87.50
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84.65 |
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75.65 |
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56.85 |
As on 13 Aug, 2022 |
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