India’s mfg PMI up marginally

5 May, 2021 12:00 AM printer

NEW DELHI: Growth in India’s domestic factory orders and production decelerated to an eight-month low in April amid the worsening Covid-19 situation, but the overall manufacturing activity improved marginally, led by new export orders, according to a private survey. The IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) rose marginally to 55.5, after falling to a seven-month low of 55.4 in March, as new export orders grew the fastest since October. The 50-point mark separates expansion from contraction. The PMI is a month-over-month indicator and shows changes over the previous month, and not over the previous year, report agencies.

Consumer goods was the strongest-performing category in April, followed by capital goods and intermediate goods. “The PMI results for April showed a further slowdown in rates of growth for new orders and output, both of which eased to eight-month lows amid the intensification of the Covid-19 crisis. Still, the increases were strong by historical standards and the survey revealed other positive news,” said Pollyanna De Lima, economics associate director at IHS Markit.