Growth in India’s domestic factory orders and production slowed to a 10-month low in May as most states restricted businesses to slow down the spread of Covid-19. Overall manufacturing activity slowed down and job loss accelerated in May, according to a private survey’s report. The IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) slipped to 50.8 in May against 55.5 in April, making it one of the steepest fall. PMI is a month-over-month indicator and shows changes over the previous month, and not over the previous year. 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, in the report.
Read more about Factory orders, production rise at slowest rates in 8 months in April: PMI on Business Standard. India s manufacturing sector activity was largely flat in April, as rates of growth for new orders and output eased to eight-month lows amid the intensification of the COVID-19 crisis