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Covid 2.0 debts India's June manufacturing output: PMI
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Top Stories |
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SME Times News Bureau | 01 Jul, 2021
India's manufacturing sector output declined on a sequential basis in June, as the second wave of Covid-19 impacted demand.
The PMI ranges between 0 and 100, with a reading above 50 indicating an overall increase compared to the previous month.
Accordingly,
the headline seasonally adjusted IHS Markit India Manufacturing
Purchasing Managers' Index (PMI) fell to 48.1 (index reading) in June as
against a reading of 50.8 in May.
Accordingly, the latest reading pointed to a renewed deterioration in the health of the sector that was, however, moderate.
The
PMI had averaged 51.5 in the opening quarter of fiscal year 2021-22,
the lowest three-month figure since the same period one year ago.
"India's
manufacturing industry fell back into decline during June, as the
intensification of the pandemic and strict containment measures
negatively impacted on demand," IHS Markit's June PMI report said.
"The
latest results highlighted renewed contractions in factory orders,
production, exports and quantities of purchases. With business optimism
fading over the month, job shedding continued."
According to the
report, 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.
"Despite being solid, the pace of contraction was much softer than those registered at the onset of Covid-19 last year."
"Covid-19
restrictions also curtailed international demand for Indian goods. New
export orders decreased for the first time in ten months, albeit
modestly."
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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
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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