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Covid slows India’s May manufacturing growth issacjohn@khaleejtimes.com Filed on June 1, 2021
Employee work on the engines of Toyota cars inside the manufacturing plant of Toyota Kirloskar Motor in Bidadi, on the outskirts of Bengaluru, India.
Reuters file photo
Factory activity powered ahead in Europe last month and stayed strong in Asia as demand grew
India’s manufacturing sector growth slowed down in May to a 10-month low as the second wave of Covid-19 impacted demand and order flow, but elsewhere in Asia and Europe firms ramped up activities, a monthly survey said on Tuesday.
“The Indian manufacturing sector is showing increasing signs of strain as the Covid-19 crisis intensifies. Key gauges of current sales, production and input buying weakened noticeably in May and pointed to the slowest rates of increase in ten months. In fact, all indices were down from April,” said Pollyanna De Lima, economics associate director at IHS Markit.