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Sept manufacturing up on higher demand
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SME Times News Bureau | 01 Oct, 2020
Higher demand accelerated India's manufacturing sector growth in September.
Additionally,
the IHS Markit India Manufacturing Purchasing Managers' Index (PMI)
report released on Thursday cited a renewed expansion in export sales
and input stocks as well as an improvement in business confidence during
September.
Consequently, reading of the headline seasonally
adjusted IHS Markit India Manufacturing PMI showed a rise from 52 in
August to 56.8 in September. The latest reading was the highest in over
eight-and-a-half years.
"Amid reports of loosened coronavirus
disease 2019 (Covid- 19) restrictions and higher demand, Indian
manufacturers lifted output for the second straight month in September,"
the report said.
"The increase was sharp and the third-quickest
in the history of the survey. Similarly, there were back-to-back
increases in new business inflows." As per the report, the upturn in
total sales was supported by a renewed expansion in new export orders,
the first since prior to the escalation of the Covid-19 outbreak.
However,
despite strong growth of order book volumes, the report pointed out
that Indian goods producers signalled another reduction in payroll
numbers. "In many cases, this was attributed to efforts to observe
social distancing guidelines. Employment has now decreased for six
consecutive months," it said.
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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
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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